With the rest of the budget looking bleak, parking meters are apparently one of Mayor Bloomberg's few remaining cash cows. The city is anticipating an increase in the amount of money generated by parking meters, bringing earnings to $157 million—up 50 percent from two years ago. That cash, combined with money from towing fees and city-owned parking lots, constitutes a $1 billion revenue stream that shows no signs of drying up, the Advance reports.
The spike in parking-related revenue can be attributed to a number of factors including a surge in the number of traffic enforcement agents, a more aggressive ticketing policy, an increase in the number of parking spots due to the installation of muni-meters, and price hikes at parking meters. In some parts of the city, officials have changed parking prices from $.25 for 30 minutes to $.25 for 20 minutes, and there are plans to begin charging drivers as much as $2.50 per hour to park in some parts of Manhattan.
The city could still be making much more from metered spaces if it wasn't for parking placards, which often allow city workers to escape tickets when they don't pay meters or park illegally. "They've gotten so blatantly ridiculous," City Councilman Leroy Comrie told the Daily News. "I don't know why they can't free up those spaces ... Most of the placards are illegal." And think about how much more cash the city could make if ticketing agents didn't have to wait out that five minute "grace period" before pouncing.
