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How do you know the city is leaving money on the table? Increased economic activity due to people looking for free parking may well surpass losses from parking
by positive_future 7y ago
How do you know the city is leaving money on the table? Increased economic activity due to people looking for free parking may well surpass losses from parking fees. If the possibility of free parking exists, people well may come out more, or spend more when they are out, and via taxes the city will certainly be earning something.
It's probably impossible to measure exactly, but I think it's far from a given that NYC is losing money by providing some free parking.
- L_Rahman 7y agoHere’s some very straightforward evidence for you: compare the cost of using the parking space to either the price of equivalent square footage in neighboring building or a private parking garage on the same street.
- adrianN 7y agoDon't forget that neighboring buildings have several stories, you need to add the appropriate multiplier.