Price rise will help allocate scarce carpark space efficiently

The increase in public carpark charges is a necessary one in view of the shortage of carpark space ("Public parking gets costlier"; last Friday).

Singapore faces a scarcity of land needed to expand the space for public parking, so inevitably prices have to be raised to curb the high demand for parking space.

Higher prices ensure that scarce resources go to those willing and able to pay for the good (parking space), resulting in a more efficient allocation of resources.

Although it will not be a popular decision, Singapore would not be what it is today if its policies were made based on popularity.

It is better to bite the bullet and allow this effort to be institutionalised such that it becomes a way of life for the benefit of society.

Singaporeans need to see the bigger picture instead of harping on the price increase.

As society becomes more affluent and more people can afford to own a vehicle, parking spaces will become insufficient.

The Government will have to either raise prices or build more carparks, which would be at the expense of the land needed for housing and for expanding Singapore's industries.

Ethel Lee (Ms)

A version of this article appeared in the print edition of The Straits Times on July 04, 2016, with the headline 'Price rise will help allocate scarce carpark space efficiently'. Print Edition | Subscribe