Adam Smith's Economic Principles Reduce San Francisco Parking Congestion

After years of preparation, San Francisco has implemented a new system that will adjust the price of parking spots according to supply and demand.

"A network of wireless sensors let the city keep track of which parking spots are empty. If a particular block never has available spots, the city raises the meter rates until it does. In places where parking is plentiful, rates fall. As an added bonus, this information-age system lets residents check the rates and availability of parking online before deciding to drive."

"The system is expected to increase revenue from parking meters, but decrease revenue from traffic tickets. How this will balance out for the city budget is unclear. Also unclear: Just how high the prices will go. Will there be $10 per hour parking?" Asks Andrew Price

Full Story: San Franciso Rolls Out Supply and Demand Pricing For Parking Meters

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