Big Apple Explores Parking Meter Privatization
New York City seems to be taking tentative steps toward embracing privatizing their parking meter system, according to the Wall Street Journal.
After putting the initial idea on hold for several months, New York Mayor Michael Bloomberg has restarted the process exploring the idea of a private firm operating the city’s 39,000 parking meters.
The Bloomberg administration believes, and rightly so, that the Big Apple lags behind in parking technologies and services compared to other major American cities. They feel the right private firm could embrace cutting edge parking related technologies like pay by cell phone, in pavement sensors and dynamic pricing, to name a few.
But, the city is very conscious about not repeating the many, many, many mistakes Chicago made when it privatized it’s parking meter system back in 2008.
New York’s parking meters raked in about $149 million in 2011.
To put that in perspective, Chicago grossed around $24 million in revenue in 2007, the year before the meter deal was signed. In 2010, Chicago Parking Meters showed revenue of close to $80 million.
Here’s the Wall Street Journal’s full report, “City Explores Private Deal For Meters.”