Developers here sell their parking slots independently of the residential or commercial units. So if you don't own a car, you don't have to buy parking. Further a lot of older buildings did not have underground parking, so it is not uncommon for individuals buying parking in the next door building for example.
The reason why there is a charge, as well as a parking minimum is to find a balance between too little and too much parking - effectively pricing parking as any other commodity, rather than subsidizing or prohibiting it.
Why... "underground parking space is charged at 70% of the residential space." Is this to discourage parking and private car ownership?
I assume developers pass these cost to residential buyers?
Developers here sell their parking slots independently of the residential or commercial units. So if you don't own a car, you don't have to buy parking. Further a lot of older buildings did not have underground parking, so it is not uncommon for individuals buying parking in the next door building for example.
The reason why there is a charge, as well as a parking minimum is to find a balance between too little and too much parking - effectively pricing parking as any other commodity, rather than subsidizing or prohibiting it.