February 21, 2018
By: Matthew Flamm and Daniel Geiger
As head of Garage Management Co. for the past 30 years, Gordon Hamm has seen peaks and valleys in New York’s parking business. But he’s never seen anything like the past 18 months. Despite a healthy economy and record employment in a city that’s more crowded than ever, business at his company’s 57 garages is down across the board.—
And it’s not just Garage Management that’s suffering. Interviews with other parking industry leaders show a sector on the verge of a shakeup as operators struggle with rising labor costs and declining demand for a parking space for an evening, a day or just a couple of hours. The problem goes deeper than any swing in the economy. New Yorkers are changing how they get around. Parking operators have been hit by a one-two punch: more people using Lyft and Uber, which has slowed Manhattan traffic to a crawl and thus discouraged those with personal vehicles from driving into the city.
Read the rest of the story here: http://www.crainsnewyork.com/article/20180221/FEATURES/180219923/uber-and-lyft-crushed-taxis-is-the-commercial-parking-garage