Marketplace reports on the parking market from NYC. Peak hour parking is being applied on Sixth Ave in Greenwich Village as a trial to increase parking availability and decrease congestion. Due to positive results, it's now being tried in Brooklyn.
It's appropriate that a radio program devoted to reporting on the workings of the marketplace would examine the latest innovations in parking from the public sector. This report actually comes from NPR affiliate WNYC in New York City by transportation reporter, Andrea Bernstein.
"Dr. Rachel Weinberger is a professor at the University of Pennsylvania and author of a recent study on parking. She says one way to get more parking spots is to get people to leave faster.
On the street it costs $2 an hour at a meter, $3 an hour during peak periods. But it costs $17 an hour to park in a garage, so it's hard to believe that an extra dollar an hour for a meter can be much of a disincentive. But I notice several open spots as we walk.
Janette Sadik-Khan is New York City's transportation commissioner. At a recent conference, she had this to say..."
"I think, in a way, in 50 years, people are going to think we were insane to give free space to parking on city streets because it's such a valuable resource."
Read the full story: Parking rates go up, cities make bucks
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