Updated: Sep 18, 2018
New Economics recently analyzed the likely impacts to local retail businesses by a workforce housing project whose development would remove several public parking spaces from an area with limited parking. The analysis indicates that local retail businesses will likely lose some revenues because of the lost parking spaces. But the new workforce housing units will also generate retail spending captured by those same local businesses. The analysis shows that the local capture of new spending will offset or even exceed the lost revenues from parking spots.