NEW YORK, NY— A projected multibillion-dollar budget gap has city officials weighing new revenue options, including a proposal to charge for more of the free street parking that lines New York City’s curbs.
A report released on Feb. 20 by the Center for an Urban Future outlines five potential revenue sources for the city.
Among them: expanding metered parking to a larger share of the city’s more than 3 million street parking spaces.
New York City has more than 12,000 miles of curb, the report states. About 80,000 spaces, fewer than 2.5 percent, have meters. Those meters generate roughly $258 million annually.
If the city installed meters on 25 percent of currently free spaces, the report estimates it could generate at least $1.21 billion in additional annual revenue. That figure would cover roughly a quarter of the city’s projected $4.2 billion budget gap for fiscal year 2026.
Other proposals in the report generate smaller returns. Building housing on City University of New York campuses could yield an estimated $30 million to $55 million annually. Installing battery storage on city property could generate about $15 million. Expanding concessions in city parks could bring in between $25 million and $40 million per year.
The parking proposal would not require state approval. By contrast, changes to income tax rates would depend on action in Albany.
The report also notes potential secondary effects of expanded metering, including increased turnover that could benefit commercial corridors and reduced traffic in dense areas where drivers circle blocks searching for free spaces.
City Hall said it remains open to curbside policy changes but is not incorporating meter expansion into the current budget plan.
“New York City’s parking rules haven’t meaningfully changed since the 1950s, when overnight street parking was first legalized. But our streets have. With the rise of home deliveries, cycling, and outdoor dining, curb space is more contested than ever,” said Sam Raskin, a spokesperson for Mayor Zohran Mamdani told Hell Gate. “The Mamdani administration is committed to modernizing how we manage our curbs—reforming metering strategies and rethinking how curb lanes can better serve all New Yorkers.”
The administration has not announced a timeline for potential changes.