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Where Spots Are Hot

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Where Spots Are Hot
Grand Canyon University: ECN-601 Economics
12/21/2011

Where Spots Are Hot
The article “Where Spots Are Hot” addresses an issue of supply and demand in Fairfield Connecticut and the New York City suburbs. The hot commodity in these areas that are causing the residents so much pain and heartache is a public parking pass. The nature of failure in this case is a failure to adequately provide a public good. The article states that in Connecticut there are more than 60,000 commuters that take the train into Manhattan everyday and the stations only have enough parking for almost 20,000 commuters. The others commuters are forced to use more expensive private lots in order to use the same train stations. This is not a new problem for the rail stations this is a problem that have been going on for years. Parking passes to park at the lots run $279-$840 for an annual permit and the waiting list is at least 6 years long with 4,200 to people on it. The other option is fighting for a spot at the private lots at the cost of $1280 annually. Is everyone that is in possession of these golden parking passes actually using them? The answer is no, these residents renew the parking passes yearly whether they have a need for them or not because they are in fear of not having one when the need does arise. Family members are even passing the permits down to other family members once the owner is decease. The article states that in the town of Rowayton there is so much of a frenzy that residents camped out overnight to make sure they were able to get a $325 parking pass.
Something needs to be done about this situation in the very near future and ,the towns officials do recognize this, they have on two different occasion created a task force to come up with a solution but both times they disbanded without actually accomplishing anything. The obvious solution would be to create more parking at the stations, in fact there were plans to overhaul Stamford's 800-spot parking garage and to build a 650-space lot in Stratford , however those plans have been halted.

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