As New York Mayor Zohran Mamdani faces $7 billion budget hole, free parking may be history

•⁠ ⁠New York City is facing an estimated $7 billion budget gap and while new Mayor Zohran Mamdani would prefer to tax the rich, his administration has conceded high property taxes and charging much more for parking are among ideas that must be considered.

•⁠ ⁠Many cities in the U.S. and across the world charge for parking in multiple ways, from widespread meters that include demand-based parking rates to annual parking permit fees.

•⁠ ⁠New York City is one of the only major U.S. cities that allows people to park on residential streets completely free, and has metered parking well below the level in other major urban areas, only 3% of the available space. The revenue opportunity lost is estimated to be as high as nearly $2 billion annually.