There was a new parking decree Monday from Mayor Michael Bloomberg. Drivers will no longer be “nickeled and dimed” to death when they park on city streets.

Instead, they’ll need dollars.

As CBS 2’s Marcia Kramer reports, metered parking is going up – again — as the mayor searches for more money to close his budget gap.

Bloomberg may be laying off city employees to close his budget gap, but there’s one job that seems secure — parking meter rate adjuster. The city just finished raising the cost of metered parking six months ago and now it’s going to do it again.

For the mayor, it’s the sound of music … music to his ears. It’s so good he’s doing it twice, raising parking meter rates for the second time in a year at more than 85,000 parking spots in all five boroughs.

In January parking rates will rise from 75 cents to $1 an hour in residential areas and from $2.50 to $3 an hour in commercial areas.

It was only six months ago that hourly rates went from 50 cents to 75 cents on residential streets and from $2 to $2.50 in commercial zones.

Officials said the city needs the money. The new hike will generate an extra $24 million and, they said, it’s still cheaper than a garage.

The city also plans to expand a program called “Park Smart,” where parking rates in commercial areas are raised dramatically during peak hours to encourage turnover. Right now hourly rate in those areas is $3.75.

(Source: WCBSTV)