Seattle to lose millions in parking revenue by 2026

This communicative was primitively published connected MyNorthwest.com

Seattle is projected to suffer millions successful parking metre gross by 2026, arsenic some request and hourly rates person flattened.

The $9 cardinal driblet is portion of a broader $241.5 cardinal shortage expected successful the city’s wide money done 2026, according to The Center Square.

Dave Hennes with the Seattle City Budget Office attributed the diminution successful funds to pricing changes implemented connected March 10. While much than two-thirds of metre rates were unchanged, astir 20% of meters dropped successful price, marking the archetypal diminution since the commencement of the COVID-19 pandemic.

Seattle parking gross projected to drop

Only 11% of parking meters experienced an summation successful pricing. Demand for parking has besides remained comparatively low, contempt partially rebounding from the pandemic.

Despite the decline, the Seattle Department of Transportation (SDOT) said that proscription backing won’t beryllium straight impacted if income from parking meters falls.

Seattle aims to support 1 oregon 2 disposable parking spaces per block. To conscionable this goal, parking rates are reviewed and adjusted seasonally, based connected elaborate surveys of vicinity and sub-neighborhood parking trends conducted doubly a year.

“When parking revenues decline, the City Budget Office treats it similar immoderate different General Fund gross diminution and evaluates options to negociate shortfalls alongside citywide needs,” SDOT Press Secretary Ethan Bergerson told The Center Square.