When you drive into downtown Portland next, be prepared for a 20% increase in parking costs. In the city’s five parking districts, the hourly rate will rise by 60 cents, bringing downtown parking to $3 per hour. Additionally, the city is extending paid street parking hours from 7 PM to 10 PM. This three-hour extension will be implemented gradually across the parking districts, although the Portland Bureau of Transportation has yet to announce a specific timeline for the rollout.
These fee increases are projected to generate an additional $4.1 million annually for the Portland Bureau of Transportation (PBOT), based on recent reports from the budget advisory committee. The funds will be allocated to street maintenance and repairs, which are primarily financed through parking and vehicle registration fees, the city gas tax, and contributions from the State Highway Fund.
The pandemic has had a lasting effect on parking revenue, as many people were not using paid parking spaces during lockdowns. As a result, PBOT has drawn down much of its reserve funding, making the need for new revenue sources more pressing.
In light of the recent failure of a significant transportation funding bill in the Oregon Legislature, the city emphasizes the importance of parking fees now more than ever. The Portland City Council approved these rate hikes last month to address a substantial budget deficit facing the city in the current fiscal year.
Mayor Keith Wilson initially proposed the increases as part of a broader budget plan in May, which included hikes for parks, rideshares, and golf courses. According to spokesperson Schafer, the increase in parking fees is also essential as the bureau depleted much of its reserve funding during the pandemic when parking utilization in paid areas significantly dropped.
