A cash-out policy allows
employers who give workers a free parking space to
also let them choose to receive instead the parking’s
dollar value in cash. “Cashing out” employer-paid
parking helps level the economic playing field between
driving and other transportation modes.
Tests of this policy in Los Angeles show that as
many as two in five commuters take the money and leave
their wheels at home. In greater Seattle, the federal
government is supporting efforts by local governments
to encourage businesses to offer this cash-out.
Madison, WI has a couple of modest examples of Parking
Cash-Out that are producing great results. One local
HMO has gotten their employees to walk, bike, carpool
and take the bus to work at 5 times the rate they
were before instituting their cash-out program. Parking
Cash-Out usually costs employers no more than subsidized
employee parking.
This is a real boon for employers, because not only
will they reduce the costs of employee-dedicated spaces,
they can free up spaces for clients and customers.
Employees benefit with hundreds of dollars extra in
their pocket every year and more transportation choices.
Surrounding neighborhoods enjoy reduced traffic. Local
governments experience less pressures on streets.
And everyone gets to enjoy cleaner air!
Parking Cash-Out is a true win-win policy –
a signature component of UrbanThoreau’s
projects.
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