EconTalk Donald Shoup on the Economics of Parking
Jun 14, 2021
Donald Shoup, a distinguished professor from UCLA and author of "The High Cost of Free Parking," dives into the hidden costs of parking policies. He argues that many regulations harm the economy and advocates for charging for curbside parking to fund neighborhood improvements. Shoup highlights success stories in urban areas that have embraced flexible parking solutions, boosting local businesses while reducing congestion. He also discusses how adjusting parking prices can enhance social equity and increase affordable housing options.
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Effective Parking Policy
- Charge the right price for on-street parking, aiming for one or two open spaces per block.
- Spend the revenue on public services within the metered area to improve the neighborhood.
Off-street Parking Requirements
- Remove off-street parking requirements for new buildings.
- Developers will provide parking if customers demand it, no need for mandates.
Old Pasadena Success Story
- Old Pasadena successfully implemented priced curb parking.
- The revenue funded public improvements, revitalizing the area and boosting sales tax.
