pesto:
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This is a little confused. There was a time when LA had plenty of street parking, literally everywhere except DT. Then for decades the city allowed the building of apartments without dedicated parking (or with very minimal) which allowed builders to exploit the free parking on the streets to their economic advantage. There are many such apartments all over central LA (Ktown, Westlake and adjacent). They are typically very down market. They also breed surface parking lots and kill in-fill, since parking lots are economically quite successful in these areas.
The result is a city with little parking availability in most parts of town, permits required for street parking in many areas and increased time waste and traffic as people scurry to move their cars to avoid tickets. And business being hurt because locals use street parking instead of underground parking.
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This sounds like it will be very close to the Expo line station. People who live within walking distance of rail transit stations, especially someone willing to pay more to live next to rail transit, have fundamentally different travel patterns than people who live elsewhere. They also have much lower vehicle ownership rates, thus allowing for reduced off-street parking requirements.
Here are two excellent studies on the topic:
Transit Oriented Development’s Ridership Bonus: A Product of Self-Selection and Public Policies
http://www.uctc.net/papers/765.pdf
Vehicle Trip Reduction Impacts of Transit-Oriented Housing
http://www.nctr.usf.edu/jpt/pdf/JPT11-3Cervero.pdf
More parking leads to more driving. This is especially true if the price of the expensive off-street parking, which can cost as much as $30,000 - $40,000 for each spot if it is subterranean parking, is bundled into the cost of housing and not priced separately. Including more parking, which may or may not be used, also raises the cost of housing, limiting affordability.