I wish I would have splurged for the 3rd bay when we built 4 years ago. Like others have said, the garages in new construction barely fit 2 cars, let alone anything else. My MIL, while having good intentions, bought my oldest a two-seat Power Wheel a few years ago. Now, that and the bike trailer park in the spot my wife's car used to fit into. We can build a shed, but HOA rules say it must be built out of the same material as the house, have a concrete pad, matching roof shingles, etc., so it's about the same $12K investment that the extra bay would have cost us.
My parents' 2.5 car garage from 1975 fits 2 cars, a workbench, built in shelving, bicycles, a riding lawnmower, a snowblower, garbage cans, etc. I think they just build things smaller now.
Chain link is ugly, so I'm glad our HOA bans it. They do allow wood fences for the back yards of houses, split rail or vertical wood slats.