That's not exactly it. Per sqft parking spaces would typically bring in more. The problem is that parking space pricing is more competitive, doesn't allow you to increase rents for capital improvements and doesn't give you the flexibility to cheat the tax code like housing does.

You may have seen on TV recently talk about Trump inflating the size and value of his real estate holdings in NYC but that's _EVERY_ NYC landlord. There's massive tax advantages (write down opportunities) for them to do so.

And NYC gets to pretend that they have more tax money coming in than they really do to justify those billion dollar budgets that they always have a shortfall for.