A new parking system works on the classic economic principle of Demand and Supply.

The city of San Francisco is testing a parking system that will adjust the price of parking spaces based on their demand at that moment. The system uses electronic sensors to measure the call for parking slots in real time, and prices them accordingly. So lots of empty parking spaces means you can pay as low as 25 cents an hour, while those looking to park when space is at a premium will have to shell out $6 an hour.

The first phase of the project has already started with 190 new meters installed in Hayes Valley, San Francisco.

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