Joel Budd (The Economist, Parking)

Joel Budd (The Economist, Parking) by The Financial Exchange


Transcript - Not for consumer use. Robot overlords only. Will not be accurate.

Parking is a night and here which city you live in part he is a nightmare. The article is how not to create traffic jams pollution and urban sprawl as written in the economist on April 8 fascinating articles. It's certainly as we're joined now by Jules blood. Who operative who put this article together and Jill thank you very much for joining us today. Hi good morning Burton Joseph would start off first what is eight parking minimum and how does it affect building construction. Yes pocket minimum is is the rule laid down bias that the which tiles. Businesses how many parking spaces that day too crude a day. Very common line which it which applies to him in and most of all that for example is one. Parking by. Residential units that you're building I can you. AT and apartments that you you need to create eighteen. Parking spaces. Both of them already kind of funny my favorite one is. Saint Paul, Minnesota and the parking minimum. Look on. Like if I won parking space at least three cynical and. So every night doesn't get a parking space. No I guess the although I guess a you know they did they did take a we'll the supposed. If the. I get I guess that is true so how how does this affect the the number of spaces that are constructed what happens when cities get rid of these park min. What I want pocket minimum usually do you they usually really generous about why you know when you've got into a McDonald's in the the up. The parking lawless is almost always bigger than the they get on the McDonald's itself or is that Andy Andy it for a strong. Both guys have been ordered to create a much on. So the pocket than him and create load commitment to pocket they kind of laden that he was with Pollack on what that means is that it drives the call the parking effectively count is era becomes impossible challenge or. What that means is that essentially everybody drives and today it. Our commitment on like the number one reason law. People drop. Well and it seems to me also that if you're doing that what you're effectively. Doing by default and is your subsidizing that form of transportation even though we know that autos tend to be one of the most inefficient forms that people can take in terms of getting them from point a to point B. Give us. That pot commitment to do it subsidized driving and that of course what government is that look at and they couldn't made. You know with the where. You know people that people are continuing to drive and not taking boxes and not taking public confrontations so we panic subsidize the whole look. Thought that the public transportation so that kind of in you know it is a part of a kind of rule at least that is subsidized the. Well and in what are the other studies that that I've looked at in the past there have been a number that have shown. Then also what governments tend to do and a lot of cases they get into these traffic jams because everyone's driving. And their solution is to build more roads which only encourages more driving what we saw. In Boston in particular when we built the Big Dig for twice its expected cost. It was they were expecting. That you're going to see traffic times traffic decreased by 30% instead it increased by 30% is more people drove. So it almost like again I this cycle then where more people drive just because you have more roads more spaces. Sure oh sure sure sure but if you really wanted to stop people driving this is my big arguments says that he's trying to lots and lots of things to stop people driving they create. You know I'd bet that the they built buckled buying in say some that he's create congestion challenged bill very very Iraq. But I had my argument is that really if that is what. Restrict people from driving nonstop it would drive and back up it would drop the bit that. The leading the way it is to provide body DuPont. And make sure that you challenge bowl parking space that when you have a shall the joke. I'm curious how that would work in the United States just because it's so. It's such a car based society that we have here in in in particular you have so many people that have moved out to the suburbs. And they don't have access to easy transportation to get them in what kind of solutions would work in a situation like that. No that's exactly right well it has some weather is really really. Right now I'm just incredibly comp dominate that is how much like my. You know being a couple of something like stop. Vegas yet they get it done play. People simply cannot draw it it it. It without a chicken and leg problem I mean. You have to that the two things one bit so there's no point. But only charging for parking and not create saying half the public transportation but at the same time. There's also at that point in creating half decent transportation and and keeping outing pocket he can do. People weren't take the public transportation that you create things which is why you know. Quite a the American cities especially in the lab. Have created light rail project. He expense including the latest by the way. And nobody takes like well because the parking that there. Still one of the other things that we're seeing in development is a lot more mixed use development as opposed to. Single use zoning now so. You're seeing an awful lot more where it seems like you've got retail on the first floor maybe some offices on the next couple and then. You've got housing apartments and condos right above. And that seems to be working at least in terms of building more. Concentrated neighborhoods that are more walking based as opposed to needing car or rail transportation. Yeah some of those things to them that they do work quite well and the key that the dumbest things a how have a plan that actually you know what if we do those things. We gonna allow the developers to build a Lil bit last. On things but those things those things can be quite. I mean what can you. And I hope is that people will live and work in a really tiny area. I often don't and people will still you know commute around like don't commute be from one mixed used development may be to another excuse. About their people who can move around. Bought it in it's it distinctive I never thought of parking is being the driver but now that you mention it. You know look at a city like New York where it seems like everyone who works there either takes the train the subway. Our cabs pretty much to get around this very few people in New York City seemed actually own cars parking is so difficult to combine. Always legendary typical I mean it is BP just remember Steinfeld. How many on felt that it says that ought not pocket yup. I mean it's it's it's it's it it sort of miserable in the you'll article says otherwise it's just the miserable if not even more miserable than London. And young and very very few people will try to drive to recognize the debit some people still look about that in London we'll still we'll still be driving to work. Unbelievable Jill thank you very much for joining us we really appreciate the time today and enjoy the weekend okay. Thanks so much is Joseph but from the economist I never thought of parking in the main driver but it makes so much sense now because. How many times you hear people say oh I I go into the city but I don't wanna park in all of a sudden it kinda clicks and it's like that does make sense but what's the alternative for people in the suburbs with the impact of autonomous car. When that'll mean in theory you can get rid of the you get rid of the tunnel parking space in Rogers has again. We know our cars idol 1995%. Of the time BC parking places sell for. Unity that you look in Indian major cities on New York it was 200000 dollars yeah well in Boston EA I think Boston it my daughter despite placing her parking spot is worth about a 130000 dollars. He just just for the parking spot that he's saying it was a Condo but it came with a parking spot and the talk in nice. Indoor heated argument that's a 130000. Dollars for like a 150 square feet outside. And an Alley that is insane in in an Alley 88 that's what has it has come to if you want further proof that humans have just. Done off the deep end this is where we're now paying a 130000 dollars for parking space.