Here's how Vancouver city council is changing parking fees in Chinatown

In a move being touted as part of a plan to revitalize Vancouver's Chinatown, city council has approved a plan to cap parking fees at a rate of $2 per hour.

Currently, the fees range from $1 to $5 per hour during the day and between $1 to $3 at night. A pilot program testing the new rate is set to begin on June 1 and run through Dec. 31, 2024. The $2 rate will be in effect seven days a week between 9 a.m. and 10 p.m.

"Chinatown is an invaluable part of our city and we remain committed to revitalizing this historic neighbourhood so that it feels safe, easy to access and vibrant for visitors and businesses,” Mayor Ken Sim said in a media release announcing the unanimous vote in favour of the change.

“We heard loud and clear from the community that the cost of parking was a barrier to visiting and doing business in Chinatown.”

The change is expected to cost the city $355,000, which is 20 per cent of the annual revenue of the neighbourhood’s parking meters.

The goal, a staff report said, is to reduce the cost of parking on the most expensive blocks, and to provide clear and consistent pricing to customers—regardless of where or when they park.

The area has struggled to attract visitors in recent years due to a rise in crime and vandalism.

“We've had five disaster years with COVID, all the vandalism on cultural institutions, the graffiti, the social disorder, the overdose crisis in the Downtown Eastside, which we were right beside,” said Jordan Eng, of the Chinatown Business Improvement Association.

He’s happy that council has made the area a priority.

“We're really pleased that this is just one of many steps that will help to restore the neighborhood,” said Eng. "This really simplifies the parking rates in the area. We’re hoping to encourage more visitors, more foot traffic, because that's what, really, we need to support the businesses in the neighborhood."

City staff said they recommended the new rate based on a survey done in the community.

In February, the federal government pledged $1.8 million in funding to support efforts to revitalize the area.

The Vancouver Chinatown Foundation said the bulk of that money would be used to modernize buildings with new lighting, signage and awnings.

A month prior to that announcement, Vancouver council unanimously approved a $2.1-million plan to "uplift" Chinatown, addressing vandalism and safety concerns that have arisen since the onset of the COVID-19 pandemic.