New York City to Lose Almost $600 Million in Parking Revenue

(Bloomberg) -- New York City is estimated to lose ​more than $590 million in parking revenue this year due to the pandemic, according to a study of 65 cities.

New York’s parking fees are the highest in the world, according to the report by Fixter, a car-maintenance firm based in the United Kingdom.

Parking revenue in Chicago is estimated to fall by $180 million this year. Philadelphia, San Francisco and Boston round out the top five U.S. cities with potential losses due to the Covid-19 pandemic.

The exorbitant cost of parking in some cities is a source of daily frustration and financial strain for many drivers, said Limvirak Chea, Fixter’s chief executive officer.

In New York City before March, the city issued an average of about 51,600 parking and school-zone speeding summonses each weekday. But, from March 23 through May 31, the average number had fallen to 26,571.

Fines have declined by 38% from 2019, according to the New York City Independent Budget Office.

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