Thursday, June 11, 2009

The value of a parking spot

It's not in Newton, but this Herald report of a $300,000 parking space in the Back Bay illustrates a point we like to make on occasion: parking spaces have value, especially where parking is limited. Maybe it's not $300,000 everywhere, but there is some value. To the extent that the city allows free or nearly free parking on the on-street and off-street spaces it owns, the city is foregoing revenue. It is giving a hand-out to drivers.

From Universal Hub.

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