Denver Removes Parking Minimums to Boost Housing Construction by 12.5%
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📰 The quick summary: Eliminating parking minimums for new buildings in Denver could boost housing construction by 12.5%, adding approximately 460 more homes annually and making housing more affordable for residents.
📈 One key stat: Cutting minimum parking requirements would likely increase housing construction in Denver by about 12.5%, translating to roughly 460 more homes per year, addressing part of Colorado’s 106,000 home shortage.
💬 One key quote: “Cutting minimum-parking requirements would likely boost housing construction in Denver by about 12.5%, translating into roughly 460 more homes per year.”
1️⃣ The big picture: Denver recently eliminated parking requirements for new buildings, following cities like Boulder and Minneapolis in making this policy change. Researchers found this simple policy adjustment could increase housing construction by 12.5%, adding roughly 460 more homes annually. Previously, market-rate apartments in Denver needed up to one parking space per unit, costing developers up to $50,000 per space for structured parking. These costs were inevitably passed on to residents, making housing less affordable. The study shows that removing these requirements allows developers to build only the parking spaces residents actually need, reducing costs while still meeting market demands.
2️⃣ Why is this good news: Removing parking minimums creates more flexibility for developers to build housing that better meets community needs without unnecessary expenses. The policy change frees up valuable urban land for housing rather than parking lots, potentially creating more walkable neighborhoods with better civic infrastructure like sidewalks and green spaces. This approach makes it easier to develop small parcels for “missing middle” housing such as duplexes and triplexes, improving affordability for lower and middle-income residents. With nearly 90% of Colorado’s lowest-income households spending over one-third of their income on housing, this change directly addresses affordability by removing a significant cost driver.
3️⃣ What’s next: Developers will still build parking where needed or demanded by residents, but without the burden of arbitrary minimums. The city will save on enforcement costs associated with parking requirements, further reducing housing expenses. More analysis will likely be needed to measure the actual impact as developers adjust to the new regulations.
Read the full story here: The Conversation – Denver study shows removing parking requirements results in more affordable housing being built
