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by: Victoria Transportation Policy Institute
Pricing parking can provide a number of benefits including increased turnover allowing for greater accessibility to parking spaces, cost savings, reduced traffic problems and increased revenue for cities. This report outlines some of the methods jurisdictions can implement, describes the costs and benefits of a parking management program, debunks common objections and arguments against priced parking, and presents case studies of cities that have had success creating a priced parking management system.
Author Todd Litman notes that a typical automobile is used for around one hour a day while being parked for 23 and that the resources needed to store automobiles during this time are high. Typical urban parking has an annualized cost of $500 to $1,500 for land, construction, and operation and at times is worth more than the actual automobiles that occupy them. Instead of directly passing this price on to consumers, parking costs are indirectly absorbed through taxes, rents, higher prices for goods and services, and lower employee wages. In addition to the hidden costs of ''free'' parking, Litman argues that providing parking increases demand and tends to exacerbate problems such as traffic congestion, housing/job separation, sprawl, and pollution. Directly charging individuals to utilize a service such as parking would help curve some of these negative externalities.
The report goes on to provide statistics, tables, facts and other information on strategies cities have used with success to manage parking and determine an optimal parking price. Overall, the report is an excellent resource for cities interested in parking management and the possibilities of a pricing scheme.
Resource(s): http://www.vtpi.org/parkpricing.pdf
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