tag:blogger.com,1999:blog-1588280325775325323.post1925893218207355856..comments2023-12-24T05:26:48.861-05:00Comments on The Pittsburgh Comet: The Parking Space Solution: A New SituationBram Reichbaumhttp://www.blogger.com/profile/05620172942925293407noreply@blogger.comBlogger73125tag:blogger.com,1999:blog-1588280325775325323.post-38677313508260405362010-08-02T21:14:31.488-04:002010-08-02T21:14:31.488-04:00It's your blog and it got very far from what p...It's your blog and it got very far from what passes for polite.MHnoreply@blogger.comtag:blogger.com,1999:blog-1588280325775325323.post-41608710586756775462010-08-02T21:10:37.898-04:002010-08-02T21:10:37.898-04:00Don't let me stand in your way.Don't let me stand in your way.MHnoreply@blogger.comtag:blogger.com,1999:blog-1588280325775325323.post-60118000676811384182010-08-02T21:07:32.589-04:002010-08-02T21:07:32.589-04:00I'd have deleted his 5:38 comment also but you...I'd have deleted his 5:38 comment also but you referenced it.Bram Reichbaumhttps://www.blogger.com/profile/05620172942925293407noreply@blogger.comtag:blogger.com,1999:blog-1588280325775325323.post-48152332415010224222010-08-02T20:05:01.065-04:002010-08-02T20:05:01.065-04:00I live in Squirrel Hill.I live in Squirrel Hill.MHnoreply@blogger.comtag:blogger.com,1999:blog-1588280325775325323.post-28028831090787860732010-08-02T18:34:34.335-04:002010-08-02T18:34:34.335-04:00The above was posted to Monk @5:38.The above was posted to Monk @5:38.MHnoreply@blogger.comtag:blogger.com,1999:blog-1588280325775325323.post-37829020020802805762010-08-02T18:33:19.948-04:002010-08-02T18:33:19.948-04:00Thanks, I guess. I'm not entirely sure what t...Thanks, I guess. I'm not entirely sure what that all means. And didn't O'Connor live in Squirrel Hill?MHnoreply@blogger.comtag:blogger.com,1999:blog-1588280325775325323.post-82581312285262843692010-08-02T18:32:06.827-04:002010-08-02T18:32:06.827-04:00Monk sez:
I know how unpopular this may sound.
...Monk sez: <br /><br />I know how unpopular this may sound.<br /><br />My faith, lies in Luke....<br /><br />He gained Presidency of City Council, as default.<br /><br />Not unlike Sophie, after Caligui death.<br /><br />Difference is...Council President Jack Wagner, and Councilmen Onarato, Ferlo and O'Conner where witness to Elected Employee Representative to the City Of Pittsburghs Municipal Pension Funds Board Of Directors: Ray Wolfgang's Execution...<br /><br /><br /><br />Blood upon Sophie...City Controller Tom Flaherty and Ray Wolfgang had questions concerning PA Act 205, The Pension Recovery Act.<br /><br />Time was 1990-91...<br /><br />The State Takeover...was henchforth, foregone conclusion..<br /><br />Public opinion died, at hands of City Councilmen...<br /><br />Lest We Forget! <br /><br />Luke is transparent...<br /><br />monkAnonymousnoreply@blogger.comtag:blogger.com,1999:blog-1588280325775325323.post-26687076793021972282010-08-02T18:31:20.985-04:002010-08-02T18:31:20.985-04:00The total $300+ million includes about $100 millio...The total $300+ million includes about $100 million in debt (those dreaded bankers are hard to avoid). By the way, if you would prefer to BE one of the dreaded bankers, that is what bonds are for (not a risk-less venture, though). Finally, I'm not sure I would count on the Parking Authority's overall labor efficiency beating the average microcap company.BrianTHnoreply@blogger.comtag:blogger.com,1999:blog-1588280325775325323.post-16263897224924502632010-08-02T17:38:54.249-04:002010-08-02T17:38:54.249-04:00MH.
I miss your profanity/passion.
F**K'D
T...MH.<br /><br />I miss your profanity/passion.<br /><br />F**K'D<br /><br />The Pittsburgh Council that I am most familiar with...<br /><br />Included Mayor Bob O'Conner...Greenfield resident.<br /><br />He was part and parcel...to City's Pension problems.<br /><br />Lump him in same gondola with Onarato, Wagner and Ferlo...<br /><br />Just sayin...<br /><br /><br />..life currently is lived "in the run".<br /><br /><br />Folks say Councilman Shields, has out lived his usefulness.<br /><br />I once ran for Council against Diven....Good Guy. <br /><br />Busted De-Weasel...of course, it may be Mike's Brother...Joey how works for Corbett, had something to do with it?<br /><br />Just sayin...Shields’ is focusing on Magistrates job...<br /><br />Hasn't a care about Greenfield, nor, did his mentor ... Mayor O'Conner<br /><br /><br /><br /><br /><br />monkAnonymousnoreply@blogger.comtag:blogger.com,1999:blog-1588280325775325323.post-59420420447272765582010-08-02T17:34:19.222-04:002010-08-02T17:34:19.222-04:00By the way, if parking in Pittsburgh is the best a...<i>By the way, if parking in Pittsburgh is the best asset available in the whole wide world...</i><br /><br />I didn't say that. I said it is a better asset than what they are likely to get with the $200 million because they can't get much but stocks and bonds. Any gains there come after six layers of corporate management and 4 giant banks get their cut.<br /><br />Of course, the best investment isn't on any stock market. We should try to invest in the future of America's children. By which I mean, sell pot.MHnoreply@blogger.comtag:blogger.com,1999:blog-1588280325775325323.post-59713693002838097132010-08-02T17:28:33.705-04:002010-08-02T17:28:33.705-04:0050 years is likely going to see a lot of innovatio...50 years is likely going to see a lot of innovation in parking. If you become a passive investor in a bunch of parking companies, you don't have to have any particular skill at operating parking assets, now or in the future.<br /><br />By the way, if parking in Pittsburgh is the best asset available in the whole wide world, why aren't people agitating for the pension fund to do whatever it takes to buy out ALCO?BrianTHnoreply@blogger.comtag:blogger.com,1999:blog-1588280325775325323.post-85429853617424681062010-08-02T17:19:23.730-04:002010-08-02T17:19:23.730-04:00there is no particular reason to insist on investi...<i>there is no particular reason to insist on investing all of it in the parking industry in Pittsburgh.</i><br /><br />There is if you are in Pittsburgh and already have the garages. It is a known thing, which is a big plus for a local government that has no demonstrated skill at innovation.MHnoreply@blogger.comtag:blogger.com,1999:blog-1588280325775325323.post-30384580329412927822010-08-02T17:17:29.655-04:002010-08-02T17:17:29.655-04:00I'd prefer a gondola over the tunnel, if that ...I'd prefer a gondola over the tunnel, if that were an option. I do have a fear of heights, but no cable car can be as rickety as the Greenfield Bridge and I go over that all the time.MHnoreply@blogger.comtag:blogger.com,1999:blog-1588280325775325323.post-70884221111127123332010-08-02T16:56:27.918-04:002010-08-02T16:56:27.918-04:00Onarato...will not be next Gov.
His position on d...Onarato...will not be next Gov.<br /><br />His position on drunks paying for tunnels to nowhere will be his un-doing.<br /><br />Cost of Underwater North Side Portal is equivalent to: total unfunded City Pension Liability after lease of parking garages...<br /><br />I want some of the Drink Tax, that I so richly deserve. Not in form of money pit, under river...<br /><br />It is not only the State Officials that screw us. But ex City Councilman, longing for futures that do not include Pittsburgh residents.<br /><br />Case in point: there is former City Councilman Jack Wagner...<br /><br />Wabash Tunnel!<br /><br />Scoundrels all…<br /><br />If not already in jail...where is Southwestern Legislative Contingent to Harrisburg?<br /><br />Ferlos', next?<br /><br />WTF?<br /><br />monkAnonymousnoreply@blogger.comtag:blogger.com,1999:blog-1588280325775325323.post-23077977802468776922010-08-02T16:32:24.829-04:002010-08-02T16:32:24.829-04:00Brian!
Exactly!!!!
monkBrian!<br /><br />Exactly!!!!<br /><br />monkAnonymousnoreply@blogger.comtag:blogger.com,1999:blog-1588280325775325323.post-70902058322071711942010-08-02T16:25:25.956-04:002010-08-02T16:25:25.956-04:00monk,
Most of your ideas would require state auth...monk,<br /><br />Most of your ideas would require state authorization. Which doesn't make them bad ideas, but the state has yet to prove very cooperative.BrianTHnoreply@blogger.comtag:blogger.com,1999:blog-1588280325775325323.post-34929541250926917292010-08-02T16:23:32.977-04:002010-08-02T16:23:32.977-04:00Again, it doesn't have to be that the demand f...Again, it doesn't have to be that the demand for parking actually drops. I suspect they are modeling an increasing demand for parking, so just a slower increase in demand than expected would constitute a significant risk to their expected revenues.<br /><br />Anyway, many of the risks I noted don't depend on a lot of infrastructure changes--e.g., fuel price changes can happen a lot faster than we could possibly build nukes or swap out the U.S. vehicle fleet, which in fact just happened, resulting in a significant reduction of VMT below trend.<br /><br />To the extent some of the risk factors I noted do depend on infrastructure investment--while much infrastructure investment in the U.S. has been on a very slow track recently, particularly public transit infrastructure investment, again that is subject to change (and to some extent is already changing at the federal level). So I don't see how one can dismiss the risk of public transit investment in the Pittsburgh area significantly picking up in pace--again, it might not happen, but the risk of it happening is enough to make the point.<br /><br />As for urban gondola systems--they are actually quite quick to build, and there are no hard limits on scalability. In that sense they fall somewhere between new bus routes and light rail in terms of potential speed of implementation. Again, whether urban gondolas will be adopted as a common U.S. technology remains to be seen, but if they were adopted, it is quite likely that would lead to a much quicker buildout of rapid transit options precisely in cases like Pittsburgh (which, as you point out, lacks the density for a lot of the more expensive rapid transit options, but may well have ideal densities in many areas for gondolas).<br /><br />Finally, even if you were really, really convinced investing all $300+ million in the parking industry was the best possible financial investment at this time (and I bet if you had the $300 million in hand and pitched that to the pension fund, they would laugh you out of the room), there is no particular reason to insist on investing all of it in the parking industry in Pittsburgh. There are parking REITs and such that would at least allow you to diversify your parking holdings.BrianTHnoreply@blogger.comtag:blogger.com,1999:blog-1588280325775325323.post-40955187078423779102010-08-02T16:18:46.649-04:002010-08-02T16:18:46.649-04:00Monk, Sez:
Brainstorming can get ugly!
‘Get Reve...Monk, Sez:<br /><br />Brainstorming can get ugly!<br /><br />‘Get Revenue, Historical Perspective’<br /><br />Place Toll Booths on High Occupancy Lanes...<br /><br />Get rid of Bus Lanes, open to public...<br /><br />Both concepts vile in nature? More environmental harm was created in construction of these monstrosities, than all the petrol saved.<br /><br />Waste of Capital Resources...with no environmental return.<br /><br />Highways to Heaven, paved in gold...<br /><br />Public Transit was only profitable in Urban Environment...<br /><br />History tells us this much.<br /><br />Want to save money on transportation...?<br /><br />Move to the City and take bus!<br /><br />MonkAnonymousnoreply@blogger.comtag:blogger.com,1999:blog-1588280325775325323.post-31254993438478212812010-08-02T15:38:30.480-04:002010-08-02T15:38:30.480-04:00FOR THE SAKE OF ARGUMENT: THE PARKING LEASE IS APP...FOR THE SAKE OF ARGUMENT: THE PARKING LEASE IS APPROVED!!!<br /><br />The "Combined Pension Fund" is still $500 Million Under Funded...<br /><br />What next?<br /><br />Some ideas to fully fund:<br /><br />Expand capacity of Pittsburgh's water supply to surrounding communities that pay more for water.<br /><br />All newly employed City Employees go to Defined Contribution plan.<br /><br />Current employees (Municipal) contribute more contingent upon corresponding increases by City and State.<br /><br />Public Safety Employees: Contribute money that is normally paid to Social Security to the City, rather than pocket.<br /><br />Resuscitate Tuition Tax. At lower rate...<br /><br />Double $52 service tax (Or, whatever it is called) to $108.<br /><br />Payroll tax for Tax Exempts earning over City Medium Income.<br /><br />Increase Entertainment Tax. All new Sporting Venues...will not relocate.<br /><br />Go after percentage of Drink Tax. Buy the way, argument similar in opposition did not close bars. People will park, regardless...<br /><br /><br /><br />Come On! How about some brainstorming...<br /><br />And, not least of which, consider savings in reduced bond costs to continue the revitalizstion City...<br /><br />monkAnonymousnoreply@blogger.comtag:blogger.com,1999:blog-1588280325775325323.post-18838510273078309252010-08-02T15:09:39.142-04:002010-08-02T15:09:39.142-04:00Fifty years is a long time. I'm not suggestin...Fifty years is a long time. I'm not suggesting that there is no risk that demand for parking will drop appreciably in the next 50 years. Just that there is less risk of that happening compared to other investments. Because 50 years is not a long time for infrastructure investments. Decade long periods for planning and construction are the norm and things are built to last for centuries. An urban gondola systems that meets any significant portion of regional transit needs is far less likely than electric cars coupled with nuclear power. Both of those components exist.<br /><br />Pittsburgh may have stopped its decline in population, but it is a long way from the kind of density that has been associated with non-automobile based transit systems.MHnoreply@blogger.comtag:blogger.com,1999:blog-1588280325775325323.post-3270804161990497642010-08-02T14:25:31.390-04:002010-08-02T14:25:31.390-04:00Oh, another possibly disruptive technology to keep...Oh, another possibly disruptive technology to keep an eye on: urban gondolas. They've started to get decent penetration in South America, and the Europeans are starting to experiment with them too. Modern urban gondolas have very high operating efficiencies, they don't take up valuable surface ROW space, and things like hills and rivers don't add nearly as much to the capital costs. So if urban gondolas become a standard part of the U.S. transportation mix, they could gain wide application in Pittsburgh in particular, thanks in part to our local topography.<br /><br />And that is just stuff I know about. 50 years is a long time.BrianTHnoreply@blogger.comtag:blogger.com,1999:blog-1588280325775325323.post-2969318519124486132010-08-02T14:19:14.339-04:002010-08-02T14:19:14.339-04:00Again, we need to be precise with the question. Y...Again, we need to be precise with the question. Your best guess on trends isn't the relevant issue. The issue is how much possible variance there could be around our best guess, projected over the next few decades.<br /><br />Anyway, Pittsburgh actually has been urbanizing to some extent recently--the rural parts of the MSA have experienced disproportionate population loss along with the City, and so it has been the suburbs gaining at the expense of both. Recent data, though, indicates the City's population is stabilizing, but I wouldn't bet on that being true in the rural areas. Generally, exactly what these trends will look like over the next few decades is difficult to predict, which again is the point.<br /><br />As for congestion--it has been steadily increasing along the aforementioned choke points, and if we don't do anything it will very likely keep getting worse. So, over the next few decades, we will probably do something. Will that mean adding new tubes to the Fort Pitt and Squirrel Hill tunnels? Or expanding rapid transit? Or a combination of both? Who knows--again, parking demand is going to be sensitive to a lot of decisions that are difficult to predict.<br /><br />As for timeframes: 50 years is plenty of time for lots of things to bend the trend significantly in different directions. You are right that if electric cars are the future response to higher fuel prices, maybe that will be good for parking demand. But if the response instead is a lot more public transit, that would not be so good. It would also not be so good if development patterns start favoring more walking and biking. And so on.<br /><br />Again, not to beat a dead horse, but my point isn't that we know future trends will be worse than expected. My point is that all this is very, very hard to predict in advance, so there is definitely going to be a lot of irreducible uncertainty at this point when it comes to future parking demand, and hence future parking revenues.BrianTHnoreply@blogger.comtag:blogger.com,1999:blog-1588280325775325323.post-15415063118678549112010-08-02T14:01:53.767-04:002010-08-02T14:01:53.767-04:00The current recession won't last forever
One ...<i>The current recession won't last forever</i><br /><br />One hopes. <br /><br /><i>the country is steadily urbanizing and densifying,</i> <br /><br />Pittsburgh isn't. It has become much less dense lately and the region has only seen growth in suburbs. Even the country as a whole isn't urbanizing and densifying in any way that would support having fewer drivers. <br /><br /><i>congestion,</i><br /><br />Pittsburgh has a few choke points, but we are well below the congestion levels that have prompted other regions to take action. <br /><br /><i>fuel prices, environmental and national security concerns are all putting the squeeze on highway-building--the politics and policies of transportation spending could change quite a bit in the next few decades.</i><br /><br />Yes, over the next few decades. Whatever does happen, and I agree that something is likely, will barely be started in before the lease is over. It takes years to switch a commonly used technology. And, if what happens is electric cars, parking will still be in demand.MHnoreply@blogger.comtag:blogger.com,1999:blog-1588280325775325323.post-35813278632628693642010-08-02T13:49:23.434-04:002010-08-02T13:49:23.434-04:00We need to be careful about the precise question w...We need to be careful about the precise question we are asking. Future parking-revenue trends are going to be a function of future parking-demand trends. And you don't need to have a complete reversal in the underlying demand factors in order for the demand trend to fall substantially short of expectations, which means future revenues could fall substantially short of expectations as well.<br /><br />On to some particular factors:<br /><br />Fuel prices are completely out of the City's hands.<br /><br />Free parking is already a viable competitor for the neighborhood meters--and more on this below.<br /><br />As for spending on public transit--who knows over the next 50 years? Or even the next 10. The current recession won't last forever, the country is steadily urbanizing and densifying, congestion, fuel prices, environmental and national security concerns are all putting the squeeze on highway-building--the politics and policies of transportation spending could change quite a bit in the next few decades.<br /><br />As for disruptive technologies--so far Zipcar is eliminating about 15 privately-owned cars per Zipcar. Even assuming they are currently cherry-picking their best-case customers, significant penetration with anything close to that ratio could dramatically reduce total parking demand. That could lead to lots more free parking availability in the neighborhoods, and maybe less parking demand Downtown (assuming they have accounted for residential growth Downtown in their current revenue forecasts).<br /><br />And so on. The idea that we can reliably predict local parking demand trends for the next 50 years, or even the next 10 or 20 years, strikes me as highly implausible. The fact is that even a monopolist (which the City is not) faces market risk, and the parking industry is not somehow immune to market risk.BrianTHnoreply@blogger.comtag:blogger.com,1999:blog-1588280325775325323.post-85584293601921018982010-08-02T12:59:54.612-04:002010-08-02T12:59:54.612-04:00And of course City parking competes with its own f...<i>And of course City parking competes with its own free parking, public transit, non-public parking, and so on. </i><br /><br />Free parking is gone from downtown with this, public transit does not look to be growing its market share any time soon. The Port Authority will be doing better than expected if it can hold its current routes and not get the tunnel turned into a paintball arena. Nor can you add significant non-public parking without city permission. The city isn't not the only supplier of parking, yes, but it is the only supplier that can have a meaningful expansion. And it is the supplier with power to set the rates. Kind of like Saudi Arabia is in the oil market.<br /><br />There is a risk from disruptive technology, but I don't think that is likely to result in less demand for parking downtown without a collapse of the city's economy in general. Betting on "something besides privately owned individual automobiles" has been a steady loser since 1945. I'm sure it will end some day, but I don't see it happening outside of an economic contraction so tough that none of this stuff matters.MHnoreply@blogger.com