Parking economics

Regarding the Feb. 7 Leader-Post editorial — “Meter hike tests parking patience” — Regina residents should consider downtown parking through a lens other than monetary costs.

Instead of businesses and the community at large having concern over the $1-per-hour increase, the costs of driving and searching for a parking space at length — what academics have called “cruising for parking” and what is currently the norm — should be the focus, and these groups ought to be more interested in the benefits of the proposed increase.

Downtown Regina is faced with a simple economics problem: the metered parking supply is not meeting the current demand of drivers looking for spaces. The lack of metered spaces, coupled with a low rate, leads to drivers overstaying their welcome at parking meters.

An increase in parking rates can lead to drivers parking for shorter times, as cost will eventually outweigh the benefit of convenience. This will open up more parking spaces more frequently (a faster turnover) and will actually encourage more people to visit downtown. After initially being critical of similar policies, businesses in downtown areas of Vancouver, San Francisco, New York, and Calgary have praised the policy change after seeing the benefits to drivers, consumers, and, yes, their own businesses.

Reginans need to consider that the costs of “cruising for parking” — congestion, pollution, and taking up valuable personal time — and the benefit of an increased availability of parking spaces, may be more important than a $1/hour increase.

Dale Richardson, Regina