According to an article published on the Greater Greater Washington site, the variable pricing component of the SFPark program in San Francisco is not having the intended effect. Even with higher rates, the more popular blocks still fill up, and other blocks remain under-filled, even at low prices.
The City has just implemented another meter rate adjustment, increasing the spread between the least expensive and the most expensive blocks. Those blocks covered by the program which do not achieve their target occupancy will again have their prices reduced during the next round of adjustments. This will be the third adjustment since the program’s launch in 2010.
As the program continues, there are several learnings becoming apparent. On high-demand blocks, drivers are very insensitive to price increases. It is also apparent that parking demand is highly localised, with price differences of as much as 100% continuing even through two adjustment cycles.
The site goes on to suggest that the keys of the program are to achieve higher turnover in available spaces and reduce the number of drivers hunting for parking. Whilst they don’t have the answers yet, these are the ultimate objectives of the program.
Watch this space for more news as the SFPark program continues!