United States Department of Transportation
i
The Opportunity Cost of Parking Requirements: Would Silicon Valley Be Richer if Its Parking Requirements Were Lower?
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2020-01-01
[PDF-13.91 MB]
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Edition:Final report (Jan. 2018 – Dec. 2018)
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Abstract:We estimated the off-street parking supply of the seven most economically productive cities in Santa Clara County, California, better known as Silicon Valley. Using assessor data, municipal zoning data, and visual inspection with aerial imagery, we estimated that about 14 percent of the land area in these cities is devoted to parking, and that over half the average commercial parcel are parking spaces. This latter fact suggested that minimum parking requirements, if binding, could depress Silicon Valley’s commercial and industrial densities, and; thus, its productivity. In an exploratory empirical exercise, we simulated a reduction in parking requirements from the year 2000 forward, and showed that under conservative assumptions, the region could have added space for an additional 12,886 jobs, which is 43 percent of the actual job growth that occurred during that time. These additional jobs would be disproportionately located in the region’s highest-wage zip codes, further implying a large productivity gain.
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