The rising cost of parking in NYC

There is an article in Bloomberg today that talks about how Manhattan parking rates are starting to match the residential rents in some cities, such as Greensboro, NC, Austin, TX and Cincinnati, OH. At the AOL Time Warner Center in Manhattan, monthly parking spots cost about $550 to $600 a month, which is more than the typical rents in the cities listed above.

In addition, licensed parking facilities in Manhattan fell 6% while building permits more than doubled in 2004. The continued development of residential housing, many times on what used to be parking lots, has caused average daily parking rates to climb up to $40 a day in the city.

The article also says that one lot that used to hold 100 parking spots was replaced by a rental building that only had room for 60 cars.