Earlier quoted context omitted.
There's not that much free space available. It's a maximum of 10%. Almost everyone who was ever going to be able to go here is able to do so, they're just paying more for the privilege and they aren't wasting as much time driving around creating traffic trying to find parking.
Let's say there are 500 parking spots. With free parking and a vibrant area, all spots are taken and there are N people circling around looking for parking. Not sure what N is but let's say 50 (seems reasonable). If after the price increase there are 10% (50) parking spots open, that means at least a 100 people went elsewhere (20%). That's a pretty significant drop in business to the local stores. And speculation asi…
Your math ain't mathing.