Market failure of the day, Connecticut commuter department

By Felix Salmon
October 25, 2011
Shelly Banjo's article about the multi-year waiting lists for parking spots at Connecticut train stations is going somewhat viral, for good reason:

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Shelly Banjo’s article about the multi-year waiting lists for parking spots at Connecticut train stations is going somewhat viral, for good reason:

The waiting list for a Fairfield Parking Authority permit has 4,200 people and stretches past six years…

“It’s like season tickets to the Giants—even when you’re dead they get passed down to your children,” said Jim Cameron, head of the Connecticut Rail Commuter Council…

Connecticut’s parking crunch is, in large part, a problem of supply and demand: More than 60,000 commuters head toward Manhattan on Metro-North’s New Haven train line on weekdays, but transportation officials say stations have public parking for nearly 20,000…

John Eck, a former television executive from Fairfield, kept his permit after he left his job last spring—”just in case” he needed to start commuting again.

“You hear horror stories of people missing the renewal deadline and losing the permit in other towns,” Mr. Eck said. “I wouldn’t give it up for anything.”

Eugene Colonese, the transportation department’s rail administrator, said the task force “came to a certain point and well, stopped its work for a little while.”

He said the department is still “looking for the best way to get commuters to stations, a balance we think will be between building more transit-oriented development, looking at shuttles and other public transportation, as well as parking improvements.”

The parking lot at Fairfield train station is big enough for 1,053 cars; the station sees 2,942 people, on average, ride in to NYC, and the waiting list now has 4,278 names on it. These are all big numbers. The price for a spot, however, is low: just $340 per year. Obviously, that’s well below market, and causing all manner of problems. But there’s another number that’s lower still:

We recently spoke to Director of the Fairfield Parking Authority, Cynthia Placko…

Placko told us there isn’t room for many more than the 24 bike lockers that are already there, and those are totally filled.

My guess is that it really isn’t all that hard to take the space given over to 1,053 parking spots and use it effectively to house transportation for 2,942 people. Unless, that is, those people are all taking up the space of some enormous SUV.

In a place like Fairfield, it’s hard to raise the price of parking so much that you start to incentivize car-sharing directly. So here’s my proposal: rip out a bunch of car spaces, and replace them with covered, secure parking for bicycles and scooters. Maybe motorbikes, too. Surely that’s an obviously better way of getting commuters to stations than giving them each a couple of hundred square feet of massively underpriced prime Connecticut real estate, and then acting shocked when they flock to the opportunity.

Update: Fairfield could even buy back parking slots for more than they were sold for, and convert them to two-wheeled parking. Continue to do that until there’s one empty two-wheeled parking space. And then auction off the rest to the highest bidders.

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