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NYC To Raise On-Street Parking Fees

Thursday, November 18, 2010 - 08:51 PM

(Andrea Bernstein, Transportation Nation)  New York City's Mayor, Michael Bloomberg, will phase in on-street parking increases over the next six months.  The move is part of the Mayor's so-called "budget-mod," an amendment to the existing budget to close projected shortfalls.

The city will up the rates from $2.50 to $3.00 south of Manhattan's 86th street, and north of 86th Street parking will go from $0.75 an hour to $1.00 an hour.

City hall officials are noting the city's rates are still way below market rates for parking, which can run around $20 an hour in Manhattan. The city is also looking to increase the deployment of muni-meters, which allow for differential pricing according to demand.  Officials say this isn't just about increasing revenue, but also helping retailers by ensuring greater turnover, and thus more open spots for potential customers.

Look for more so-called market flexible parking pricing in your future.

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