As the home sales skyrocket, the new development in SoHo, New York decides to not only push the home sales of New York real estate, but push the price for home parking as well. Although, “parking is in serious demand and has proven an excellent investment with no sign of a decline,” it is isolating the lower and middle class customers who are unable to purchase a million dollar parking space.

The social responsibility of  business, according to Milton Friedman, means maximizing resources and profits while staying within the rules and boundaries. However, the need to push the price for parking in addition to one’s highly bought home, is only benefiting the company and not the buyers in the community. Buyers should not be expected to park their cars blocks away from their home, merely because they do not want to pay for the expensive parking. This is wrong and impractical, due to the fact that it targets solely on wealthier customers.

As a result, customers will start to diminish when they realize that purchasing a parking space cost almost as much as a home in a different location. As stated by, Edward Freeman, when a company only holds priority for themselves and disregarding the customers (or vice versa), they have forgotten that companies and customers are equally as important in order to operate a proper business.

1 million dollar parking space.

Read article here:

http://www.nytimes.com/2014/09/10/realestate/million-dollar-parking-spot.html?ref=business

Works Cited

Higgins, Michelle. “Million Dollar Parking Spot.” The New York Times. 9 Sept. 2014. Web. 10 Sept. 2014.