>>> Have you tried to park downtown? If you want fewer lots it's gonna need structures.
>> This is exactly what LVT is supposed to incentivize.
How? If people don't think building a parking structure is going to be more profitable than keeping a parking lot, how is raising their cost going to change their mind?
I suppose some of the lots might be sold as unprofitable which might lead to less parking and higher prices, which might lead to someone building a structure. Is that the logic? It seems pretty flimsy, but I don't otherwise see how LVT would incentivize building parking structures.
If you (where "you" may be a group of businesses) need X parking spaces, and land becomes more expensive, your tradeoffs shift on how you get those spaces. You are incentivized to use less land, so you are more likely to build a parking structure rather than a sprawling parking lot.
I'm not an LVT advocate, but as I understand it, that's the theory.
