Aparkalypse Now

We have become accustomed to free or cheap parking in American cities. Rather than letting prices coordinate how to use scarce land, governments set seemingly arbitrary mandates dictating how much space businesses and residences must devote to parking. This causes cities to become largely car-dependent, creates sprawl, and indirectly raises prices for businesses and residents. What are the costs of this inefficient use of land? Is it possible to live with a "right" price for parking and not have cities turn into chaos?