Parking is too cheap and the price is too sticky. As Tyler wrote in his NYT column:
If developers were allowed to face directly the high land costs of providing so much parking, the number of spaces would be a result of a careful economic calculation rather than a matter of satisfying a legal requirement. Parking would be scarcer, and more likely to have a price – or a higher one than it does now – and people would be more careful about when and where they drove.
The subsidies are largely invisible to drivers who park their cars – and thus free or cheap parking spaces feel like natural outcomes of the market, or perhaps even an entitlement. Yet the law is allocating this land rather than letting market prices adjudicate whether we need more parking, and whether that parking should be free. We end up overusing land for cars – and overusing cars too. You don’t have to hate sprawl,
Slowly things are beginning to change, however, as this excellent piece on parking in LA and parking scholar Donald Shoup describes:
Shoup is not opposed to all parking lots; he’s against cities requiring parking lots. “Would you require every home to come with a pool or every office to include a dining room because someone might want it?” asks Shoup. “Why not let developers build parking where the market demands it and charge its true value?”
…This spring the DOT plans to introduce an $18.5 million smart wireless meter system based on Shoup’s theories. Called ExpressPark, the 6,000-meter array will be installed on downtown streets and lots, along with sensors buried in the pavement of every parking spot to detect the presence of cars and price accordingly, from as little as 50 cents an hour to $6. Street parking, like pork bellies, will be open to market forces. As blocks fill, prices will rise; when occupancy drops, so will rates. In an area like downtown, ideal for Shoup’s progressive pricing, people will park based on how much they’re willing to pay versus how far they are willing to walk to a destination. In a trendy area like Melrose Avenue’s shopping district, where parking on side streets is forbidden to visitors, Shoup would open those residential blocks to market-priced meters, wooing home owners by guaranteeing that meter profits would be turned over to them in the form of property tax deductions. (That benefit could add up to thousands of dollars a year per household.)
Brooklyn’s Park Slope neighborhood is already experimenting with a version of the system, and so are San Francisco, Seattle, and Washington, D.C.
In D.C. you can now pay many parking meters via cell-phone. I’ve used the system and it works well.
Here are previous MR posts on parking.