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CLEVELAND, OH (WOIO) –

A lot’s happening in downtown Cleveland these days that could affect your wallet.

With Cleveland’s new Horseshoe Casino, Medical-Mart and more, you’ll be forced to dig deeper in those pockets for parking cash.

It’s Economics 101’s Law of Demand and Supply. When demand goes up, the supply goes down. Prices rise when parking spots disappear and believe it or not, this is a good and bad thing.

The good part is that more people will be coming into downtown to support events including the new Horseshoe Casino, sporting events and eventually the East Bank of the Flats.

Wednesday, the Muni-Lot had hundreds of empty spaces open.  The Willard garage, right next to the still under construction Med-Mart and Convention Center will be able to an accommodate hundreds of vehicles.   But, the Medical Mart could use additional parking and that’s why Mayor Frank Jackson submitted a federal application for funding.

With 9-billion dollars of new construction going on in Cleveland, much of it downtown, the city will need for more parking, and you’ll surely need more parking cash.

http://www.19actionnews.com/story/18064912/clevelands-booming-future-could-affect-your-wallet

Article Courtesy of WOIO 19 Action News

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