i get all that, and i'm not against this change generally, but i'm wondering about whether the savings are actually passed-through or does the developer/owner capture that value? i'm skeptical that (most of) the savings accrues to the renter.
If I am a strawberry seller and my cost to buy strawberries goes down, I can pass those savings onto the consumer or not. But my competitors will all be making the same choice, so absent collusion, if I don't lower my prices, but my competitors do, then obviously they'll take my business.
In other words, profit margins are determined by how competitive a market is, not the cost of production.
If this change goes through, I imagine that profit margins for LA developers will remain similar to whatever they are now.
My old unit in the DC area had something like $80,000 in parking attached to it. That could have been ground floor units or retail instead. The units would have been cheaper had the parking minimums not been there. In bigger buildings that put parking underground, those units can be very expensive to build.