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How Much Money Do Parking Lots Make?

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Re: How Much Money Do Parking Lots Make?

#51

Post by rconti »

magashna wrote: post #31
thaumasiotes wrote: post #8

Earlier quoted context omitted.

> This is also the reason you see single family homes with front and back yards like 1000 meters away from sky scrapers in Los Angeles and San Jose. Those homes are paying property taxes of like $400 a year, and most of them are being rented out. It's not poor old ladies living in them that don't want to leave the neighborhood they lived their whole lives in, but gentrified under their feet into some urban monster. I…

So it's even worse. They're charging as much as possible for slum lord services.

To be fair, they're making a tidy profit so they can afford to do some remodeling. They just can't tear it down and make a huge new house, which would trigger a reassessment.

Re: How Much Money Do Parking Lots Make?

#52

Post by oarabbus_ »

sp332 wrote: post #33
marpstar wrote: post #23

Earlier quoted context omitted.

I believe GP is referring to the idea that when self-driving cars make up a majority of transportation, the cars can just go drive for someone else instead of sitting in a lot.

That's not going to help if everyone is going to work and coming home from work around the same time. And it's only going to make a difference if a large % of people stop owning cars and start renting them from other people. Buses and trains would actually help during rush hours though.

It would help significantly by reducing congestion because people can go directly to their destination instead of going into and out of parking lots, which tend to be clustered and add significant traffic to the city.

On top of that people won't need to start and end at the same time with self driving cars, as you have the ability to sleep/read/do work during the commute.

Re: How Much Money Do Parking Lots Make?

#53

Post by jedberg »

yonran wrote: post #49
jedberg wrote: post #30

Earlier quoted context omitted.

There's a partial repeal of Prop 13 on our 2020 ballot. [0] It would make commercial properties no longer subject to Prop 13. [0] https://ballotpedia.org/California_Tax_on_Commercial_and_Ind...

The split roll initiative likely exempts many parking lots from reassessment at least until June 2025 since they can count as “small business” (fewer than 50 employees) ( https://oag.ca.gov/system/files/initiatives/pdfs/19-0008%20%... )

Possibly yes. One catch might be that they are contractors so if the parking company has 50 overal it might not count. They’ll have to split up or something. Or litigate for a while. But either way it’ll sort itself out in a few years.

Re: How Much Money Do Parking Lots Make?

#55

Post by nikanj »

ladberg wrote: post #47
jedberg wrote: post #30

Earlier quoted context omitted.

There's a partial repeal of Prop 13 on our 2020 ballot. [0] It would make commercial properties no longer subject to Prop 13. [0] https://ballotpedia.org/California_Tax_on_Commercial_and_Ind...

That's great! I'd image that could alleviate a ton of housing issues and government funding issues in California. Does anyone know the chances of it passing?

Zero. So many cases of "poor grandma would lose her house" cases are going to be paraded around, and most of the big money in real estate prefers the status quo too.

Re: How Much Money Do Parking Lots Make?

#56

Post by jedberg »

nikanj wrote: post #55
ladberg wrote: post #47

Earlier quoted context omitted.

That's great! I'd image that could alleviate a ton of housing issues and government funding issues in California. Does anyone know the chances of it passing?

Zero. So many cases of "poor grandma would lose her house" cases are going to be paraded around, and most of the big money in real estate prefers the status quo too.

Yeah they’ll straight up lie I suspect. This won’t even affect any single family homes.

Re: How Much Money Do Parking Lots Make?

#57

Post by dmitrygr »

bryanlarsen wrote: post #32
sp332 wrote: post #14

Earlier quoted context omitted.

Is your self-driving car going to take up less space or something?

IIRC, a typical city has 3.5 parking spots per car. A car that can always return to it's "home" spot doesn't need more than 1 spot. And if you can assume that a certain percentage of cars are always on the road you might be able to have more cars than parking spots. Of course the increased traffic of homing cars might turn the roads into metaphorical parking spots...

That works...if it were not for the fact that moving through the city is not instant. Not even fast at busy times. So if your "home spot" is 10 blocks away, that might be 3 minutes. Or might be 60. Who'll want to wait that long?

Re: How Much Money Do Parking Lots Make?

#58

Post by cylinder »

gumby wrote: post #34

This is sadly true: about 10 years ago when self driving cars were on the horizon* I looked into buying some parking lots in Manhattan and SF figuring that I could get a good price now and turn them into something valuable down the road. Turned out the people who owned them weren't dummies and had the same strategy. The prices I could get (and few were even willing to talk) were enormous multiples of likely revenue:…

There's no logic to thinking of parking lots as different to any apartment or office tower. They are an asset that generates rental income. The value of the parking lot will be based on the rental income as well as the development potential of the land.

Re: How Much Money Do Parking Lots Make?

#59

Post by cylinder »

OrangeMango wrote: post #45
oarabbus_ wrote: post #6

Self-driving cars will render these obsolete

> Self-driving cars will render these obsolete They already are [1]: > If you park your car on the lower level of the Millennium Lakeside Garage under Maggie Daley Park, you might feel like you've just pulled into a subterranean car dealership. > Rows of new and used Volkswagens and Hondas—nearly 400 in total—fill a lot of the space. You might spot a worker painting a Jetta with a spray gun. The level above has a mor…

You'd think he'd try to ponder those questions before investing $370 million of other people's money.

Re: How Much Money Do Parking Lots Make?

#60

Post by idiot900 »

icsllaf wrote: post #12

I'll never understand how articles like this always talk about Uber and never about public transportation. https://en.wikipedia.org/wiki/AirTrain_JFK#Ridership >The AirTrain's ridership has risen each year since then. In 2017, there were 7,655,901 passengers who paid to travel between JFK Airport and either Howard Beach or Jamaica. This represents a 292% increase over 2004, the first full year of operation, when 2,62…

The AirTrain is only eight miles long, cost $1.9 billion to build, and is relevant only to those going to or from JFK. Public transport, especially the AirTrain, is great but I think such advocacy would be well served by discussing the costs as well.
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