When California Governor Gavin Newsom signed AB 2907 into law on September 22, 2022—making it easier and cheaper to develop around transit stops by requiring less parking—it culminated a decade of political and legislative work. AB 2907 was only the latest in a string of laws proposed for similar effect, dating back to AB 710 in 2011, but it was the first to end up on the governor's desk.

The California Dream isn’t quite dead yet.

It doesn't create much new housing and distorts the housing market, providing little if any help for low-income households. It's no substitute for broad liberalization of zoning policies.

Value capture policies make sense when land is upzoned, but for parking it's different. Tying value capture to parking reductions amounts to "double dipping," with a lose-lose-lose result: less housing, higher rents, and more parking.