The largest city in North America has done away with one of the biggest hidden subsidies for driving: minimum parking requirements.
Mexico City eliminated requirements that force developers to build a minimum number of parking spaces in each project. The city will instead cap the number of parking spaces allowed in new development, depending on the type and size of the building. Existing parking spaces can also be converted to other uses.
Mexico City Mayor Miguel Mancera signed the new regulations into effect last week.
The policy change applies to every land use and throughout the entire city of 8.8 million residents. It promises to make housing more affordable, reduce traffic, and improve air quality.
…The old rules mandated parking even though only about 30 percent of Mexico City residents own cars and the city has a well-developed subway system.
There are now parking maximums in place instead of minimums…
Within the central city, the new rules also require developers to pay a fee if they build more than 50 percent of the maximum parking allowed…
Revenues from the parking fee will be used to improve transit and subsidize housing.