This is amazing news for the city, and a testament to its efforts to provide more mobility options for its residents. Fewer people are dependent on expensive vehicles and gasoline to get around, which means they've got more money to spend locally. It also means a greater number of people are getting around in healthier ways, like walking, biking, and transit, and fewer cars polluting the city and adding to congestion.

With the right policies in place, we can reap even greater benefits. Right now much of the city still requires tons of parking for new apartments, often far more than developers think is necessary. And you can see why—when nearly half of the city's new residents don't even own cars, building a bunch of super-expensive parking for them doesn't make a lot of sense. Relaxing parking mandates would be nice for apartment-builders, but it'd really be nice for the people who live in them: as Michael Manville of UCLA found a while back, when you relax parking requirements you get more housing, and at lower prices. It's also good for business, as Santa Monica found recently.

Keep it up, LA!