Parking September 2010 - 14

Tech Talk Zack Harmeyer
Carpool TDM
Apparently Milton Friedman was correct when, about 45 years ago, he proclaimed “we’re all Keynesians now!” John Maynard Keynes argued that demand is the agent of market efficiency and can most effectively be altered through external (governmental) intervention in times of need, contrary to the supply focused free-market approach. And parking is quite often scarce of supply and in high demand! Whether you agree with a legislated intervention of demand for transportation and parking philosophy or not, both continue to be manipulated by policy and external influences outside of the “free market.” For example, the Clean Air Act and zoning regulations already impact transportation and parking. These policies provide pressure to reduce vehicle use and establish parking space requirements, especially in areas where populations are dense and land use is at a premium. In a highly-populated area, the price of parking is high, not just to reflect demand for parking but also to reflect the (likely increasing) value of the property itself. Economists would agree that a vacant lot can also carry plenty of opportunity cost, representing value that must be returned over the long run. Transportation Demand Management, or TDM, involves a variety of tools, including many affecting parking. Running a carpool program is one such tool that helps address both long-term and short-term needs in a legislated-but-optional manner for both parkers and parking operations. In the short-term, promoting and incentivizing a carpool system is an obvious win for the majority of employers. By establishing a carpool program, businesses can be seen as more environmentally friendly—and being “green” is in vogue for both individuals and companies today. In many cases, employers are taking the lead for carpool initiatives. Employers gain efficiencies and benefits through a closer knit working community. Just think of all that could be accomplished with an extra hour of sleep or in-vehicle strategy sessions with peers! Consider the improved coworker relationships as your morning brightens without the normal ‘gas—brake—smack the steering wheel—yell at the car in front of you— and repeat’ routine. More important to an organization, given that it subsidizes at least a portion of employee parking expenses, is that a reduction in cars coming to the office can result in immediate cost reductions. Outside the obvious benefits to the individual commuters (shared gas costs, reduced vehicle expenses, extra naptime or work time, enlightened conversation, guaranteed ride homes, etc); many organizations therefore provide excellent incentives to carpool. These incentives can include cash, extra PTO, better work schedule, and other benefits that are highly important to employees and easy for the employer to accommodate.

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National Parking Association PARKING September 2010

Parking September 2010

Table of Contents for the Digital Edition of Parking September 2010