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Governor Polis predicts housing savings with parking reform law

Jared Polis bill signing HB24-1304 Medium.jpeg
Posted at 5:18 PM, May 10, 2024
and last updated 2024-05-10 20:30:30-04

COLORADO SPRINGS, Colorado — Governor Jared Polis signed his first bill since the end of the 2024 Legislative Session on Friday in Colorado Springs.

House Bill 1304, sponsored by Colorado Springs Representative Stephanie Vigil, restricts cities and counties from requiring a minimum number of parking spaces on new real estate developments.

The law cites multiple studies which show mandatory parking adds tens of thousands of dollars to the cost of construction for every space required.

Polis told reporters after the ceremony that those costs get passed onto renters and can often limit the development of new housing supply.

"It's forced many projects to provide less housing, the opposite of what we want," Polis said. "They come in and they say we're going to build 80, and then they go oh sorry, parking, you can only build 40. And then we don't have those other 40 units that you need for people."

Representative Vigil explained the parking minimums mandated by local governments frequently require more spaces than are necessary.

“These mandates, which are being challenged all over the country, have created to an abundance of asphalt, a shortage of housing and transportation choices, and higher greenhouse gas emissions," Vigil said.

The prohibition on parking minimums applies to cities and counties who are part of a metropolitan planning organization (MPO). Most multifamily residential developments that are located within a quarter mile of a transit stop or station are exempt from parking minimums.

The allows local governments to still impose a minimum parking requirement of up to one space per unit for proposed developments of 20 or more affordable housing units. However, the local government must show the parking requirement is necessary to avoid substantial negative impacts.

The new law takes affect in June of 2025.

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