What will the future hold? Another new skyscraper racing toward completion might add just a few jobs Downtown and I bet a few of those workers will want to drive to work and need to park somewhere. What happens when the Lower Hill Development ever gets going in one form or another? All those temporary parking lots are going to be taken out of the mix for sure. And on the North Side, eventually some of those parking lots are going to be developed into something that takes out a few more spots. And unless we are about to resort to landfill to expand the Mon Wharf parking, there are few options for new parking options in any close proximity to Downtown.
So it is hard to see the situation getting better anytime soon. We may not have Manhattan parking prices yet, but who knows what the future holds. I wish I had time to build a CGE model of this, but I'd love to estimate the elasticity between the cost to subsidize the $ losses to operate one of those suburban bus routes that were cut with the incremental parking rates all 40K parkers have to pay.
Well, on the bright side... Higher revenues for the PPA will give them the money needed to pay that pension asset. That and the higher rates will be taxed by the city, itself bringing in additional revenue. What does the Act 47 project for parking tax revenues into the future?