Harming Property Values and Livability
Property values are directly tied to accessibility and convenience. The removal of 60% of Richmond Street’s street parking will devalue homes, deterring potential buyers who require adequate parking. Historical data indicates that insufficient parking can reduce home values by 10% or more, impacting homeowners' equity and the City’s tax revenue. Additionally, for families with multiple vehicles or visitors, the lack of parking creates a daily burden, making neighborhoods less desirable places to live. If this project moves forward, it could encourage similar actions elsewhere in El Cerrito, affecting the entire City’s housing market.
The Richmond Street Complete Streets Improvement Project
When implemented as proposed
DEVALUES OUR PROPERTIES
In most city neighborhoods, parking is a rare commodity, even on some parts of Richmond Street. The value of a house in today’s market is determined by many factors, the house itself being only one. Amenities like availability of parking determines how much a person is willing to pay for a house. When there are fewer parking spaces available, buyers may just look elsewhere. Many families own more than one car. Couples may require two cars to get to work. Kids in college may need cars to commute or to get to their jobs. Most houses on the street have room for only one car in the driveway at best. The reality of the housing market is that buyers value street parking. Bike lanes do not have the same effect on values, especially on a busy street like Richmond Street.
Historically, insufficient parking causes about a 10% loss in home value. Imagine selling your home and finding out that instead of $800,000 to $1,000,000, buyers’ offers are only expected to be $720,000 to $900,000. Richmond Street residents would be looking at significantly less value for their homes and a longer time on the market. Both these factors affect the seller’s bottom line and the budgets of any entities like the City of El Cerrito and Contra Costa County, which are funded partially through real estate tax dollars and transfer tax on real estate transfers. Declining home values endanger the fiscal bottom line of cities and counties. Can El Cerrito and Contra Costa afford this?
Recently two of our neighbors, an elderly and disabled couple, moved to a care home. The house they lived in for 30 years on Richmond Street will have to be sold. Getting thousands of dollars less for their home cuts short their time in the care home. If you are out of money to pay for your care home unit, you are out on the streets. Taking away 60% of the street parking is a theft of value from the property owners that can have far-reaching consequences. This is unconscionable.
Conclusion: Changes to land use and street design impact property values and the trajectory of an entire neighborhood—for good or bad. Make incremental improvements and you will see incremental gains for everyone. Take drastic measures like visually widening the street and adding unnecessary bike lanes in lieu of street parking and you will seriously damage the value of the neighborhood and the surrounding homes.