City parking rates should be more expensive, said Edward L. Glaeser, an economics professor at Harvard, in an opinion article in The Boston Globe.
Glaeser considers cheap parking a plague of Boston. The low costs rob people of the time they spend circling streets to find the cheapest, or any, parking spot in the overcrowded auto jungle.
“When public policy underprices things, as the Soviet Union once underpriced groceries, the result is long lines and shortages,” Glaeser wrote in his article. “People pay with their time, instead of their money.”
A UCLA transportation expert, Donald Shoup, said rates should be high enough to create an 85 percent occupancy rate. This would leave enough turnover to create an empty spot every block.
But this cost Glaeser is encouraging is no small raise. He said it should cover the cost of building a parking spot, which he estimates at $30,000. He suggests the money that comes from raising these prices be used to provide better bike lanes and bus systems to help those who would no longer be able to afford parking as a traveling option.
- 'Caregiving' it all: When taking care of mom...
- 7 in 10 will need long-term care, ready or not
- Are extended warranties on gadgets worth the...
- Jobless claims drop to near 6-year low
- 5 ways to prevent an unhappy retirement
- Black Friday's biggest sellers
- 10 must-know facts about weather-related home...
- Sherry Young: Credit card debt can diminish...
- Most US workers unprepared to meet... 7
- Start thinking about retirement while... 7
- Jobless claims drop to near 6-year low 7
- Are extended warranties on gadgets... 5
- Walmart's 20 best-selling Black Friday... 5
- 'Caregiving' it all: When taking care... 5
- Sherry Young: Credit card debt can... 2
- European Union fines global banks $2.3... 1