Shoup public finance, named after urban planning professor Donald Shoup, is a set of principles and practices aimed at improving the efficiency and equity of urban transportation and parking management. Its core tenet revolves around the idea that parking should be priced according to market demand, and the revenue generated should be reinvested in local public improvements, benefiting the areas where the parking revenue originated. This contrasts sharply with traditional parking management, which often features artificially low, subsidized parking rates and fragmented revenue allocation.
At the heart of Shoup’s philosophy is the concept of “performance-based pricing” for parking. Instead of fixed, often heavily discounted, rates, parking prices should fluctuate based on occupancy levels. The goal is to maintain a target occupancy rate, typically around 85%, which allows for convenient parking access without excessive congestion. When occupancy is below this target, prices decrease, attracting more users. Conversely, when occupancy exceeds the target, prices increase, discouraging some drivers and freeing up spaces for others.
The benefits of performance-based parking extend beyond simple convenience. By reducing cruising for parking spaces, it alleviates traffic congestion, lowers fuel consumption and emissions, and enhances air quality. More importantly, it creates a revenue stream that can be strategically used to improve local infrastructure and services. This is where the “parking benefit district” (PBD) comes into play.
A PBD designates a specific area where revenue generated from parking meters, permits, or other parking-related charges is earmarked for reinvestment within that same area. This reinvestment could take the form of streetscape improvements, enhanced pedestrian infrastructure, bicycle lanes, public transportation upgrades, or even support for local businesses. The key is that residents and businesses within the PBD have a direct say in how the revenue is allocated, fostering a sense of ownership and community involvement. This transparency and local control helps build public support for performance-based pricing and ensures that the revenue is used to address the community’s specific needs.
Shoup public finance also addresses the pervasive problem of mandated parking minimums in zoning regulations. These minimums often require developers to provide a certain number of parking spaces regardless of actual demand. Shoup argues that these minimums inflate construction costs, encourage car dependency, and contribute to urban sprawl. He advocates for eliminating or reducing parking minimums, allowing developers to respond to market demand and create more affordable and sustainable development.
In summary, Shoup public finance offers a comprehensive framework for rethinking parking management and urban transportation. By implementing performance-based pricing, establishing parking benefit districts, and reducing or eliminating parking minimums, cities can create more efficient, equitable, and sustainable urban environments.
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