In business terms, cars are a pure expense. They’re also expensive for a city: The Minneapolis-St. Paul Star Tribune published an article on Sept. 7 stating that only 24% of its roads are paid for by the people who directly use them. Cars also take up a lot of space while often adding negative value to the area they’re parked in.
Now, while the coolest (and as a result the most desirable, and thus most expensive) towns are walkable to the point of not needing a car (ie Manhattan), these towns are also great at hiding them, which has tremendous economic advantages.
Klaus Car Parking Systems, based in Germany, has a lock on innovative parking solutions, such as the one in this image in New York City. The benefits from its parking space-reducing systems are self-compounding:
1. One can literally halve the size of the parking garage needed, providing more space for more income-producing, pedestrian-oriented real estate.
2. The resulting increase in pedestrian-oriented real estate further decreases the need to drive and park, further reducing the need for parking spaces.
In Manhattan, only half its population even has driver’s licenses. No more waiting in DMV lines.