> basically all the new construction in that area comes in at the top of the market.

There's a reason for this.

As a result of the fact that new construction is required to have 1-2 parking spots, developers need to put in a lot of parking. And because they need to put in a lot of parking, they need to be expensive. And because they need to be expensive, they might as well be luxury apartments. As a result of all this, all new construction is luxury apartments.

The biggest impact that lifting this requirement will have is that it will increase the amount of affordable housing.