The cab service giant Uber in collaboration with the owners of a massive real estate development in San Francisco is planning to offer new tenants a monthly $100 transportation stipend.

The owners of Parkmerced is providing the money, that can be used for taxis, public transit and car-sharing. The Parkmerced is a collection of apartments in the Outer Sunset neighborhood of San Francisco.

The Parkmerced is owned by Maximus Real Estate Partners. Rob Rosania, the founder of Maximus, said that, "The immediate benefits to residents will be to decrease or eliminate the need for private car ownership, facilitate a more efficient commute, reduce transportation costs, and minimize the need for parking."

Dan Sperling, founding director of the Institute of Transportation Studies at the University of California, Davis, said that, "It is great to see business and public interests aligning so that city dwellers can truly take advantage of a suite of mobility services, weaning people off of personal cars, and allowing cities to rethink parking needs."

Also read: Google tests Free Carpooling App in Bay Area

Nandini