The cost of parking on the street in several Capital Federal neighborhoods will surge over 300% next year when proposed legislation from the Government of the City of Buenos Aires wins approval.
The new measure, which was debated last week in the legislature’s Transit and Transportation Committee, will extend the new progressive metered street parking system currently in force in Microcentro to other BA barrios like Belgrano, Caballito, Flores, Nunez, Palermo and Villa Urquiza.
Buenos Aires street parking rates are expected to jump from $1.40 to at least $6 pesos per hour which would be an increase from $224 to $960 pesos per month for those residing outside of and working inside Capital Federal, the commuters the measure is targeting. During hours of peak demand, the new meter rates will rise as high as $16 pesos per hour which is comparable to rates in private parking garages.
According to Cronista, residents of these neighborhoods will be exempt from paying the meters as long as they park within two blocks of their building and display a special sticker on the windshield. The resident exemption is good for 8 hours per day with a 50% discount on meter rates during the other 16.
City of Buenos Aires officials say they hope more non-Cap Fed commuters will opt for public transportation. This is laughable considering the deplorable state of the Buenos Aires commuter rail network which saw 1,600 accidents in only six months this year. (Full Story in Spanish)
For more information about living and investing in Buenos Aires, complete the form below.