Chicago eases parking mandates to spur affordable housing development
Chicago is taking aim at one of the quiet drivers of housing costs: parking mandates. A new policy eliminates minimum parking requirements for projects near CTA rail stations and high-volume bus routes, a move city leaders say will cut construction costs and speed up development. With rents rising faster here than anywhere else in the country and more than half of residents considered cost-burdened, officials hope removing this barrier will help expand the city’s strained supply of affordable housing.
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