New York City is under new leadership, after the 2025 election of Mayor Zohran Mamdani, and that means there is the opportunity for new ideas to power the city’s solutions. One age-old challenge, an inflated city budget, has brought renewed energy to the conversation around the city’s parking policy, which has long been unique among major US cities, as the vast majority of parking spaces throughout the city’s boroughs are made available free of charge. Terrance Regan, a lecturer in Metropolitan College’s City Planning & Urban Affairs programs, was recently interviewed by CNBC.com in a story about this policy, and whether the Mamdani administration would consider doing away with free parking to help balance the city’s $100 billion annual municipal budget.
How does one best fund a city, what services should a city provide or should its denizens expect, and how might those services be paid for?
According to CNBC.com, New York City is currently home to about 3 million total parking spots, 97 percent of which have long been made free to residents and visitors alike. Now, however, that free policy is under renewed consideration. The questions being posed, echoing those frequently asked of MS in City Planning and MS in Urban Affairs candidates during their studies, are fundamentally basic ones: how does one best fund a city, what services should a city provide or should its denizens expect, and how might those services be paid for?
As Regan told CNBC.com, tools like residential permits or hourly paid parking meters, whether physical installations or those administered digitally, could make a substantial impact on revenue. Even if only two-thirds of public spaces were deemed “residential-only,” and permits were issued for a $100 annual fee, that would raise nearly $200 million annually, he explained. And if those fees were increased, revenue would mount even higher. Similarly, if 250,000 meters were erected and generated $20 a day, 300 days a year, that would procure around $1.5 billion for the city, he suggested.
“You’ve got a lot of tools to play with here to raise money,” Regan said.
Read more at CNBC.com.