I believe that somewhere Shoup has written about this and this approach has been tried in … (looking for references…) SF in the US and I recall when I was living in Berlin, a few of the neighborhoods worked this out.

So the idea is that one of the immediate effects of reducing parking options is to push more parking into adjacent neighborhoods. I recall that this was a big topic of concern for the neighborhood near the E Ponce development (is that the old Wachovia?). And it is true that reduced parking will push more parking to adjacent streets which can be a pain for residents. The solution is to install meters and resident parking stickers, allowing residents to park for free and others to pay for parking. The meter returns for the neighborhood go into a pot that is used as a credit against property taxes for that neighborhood (less administrative costs).

There is actually interesting economics involved once you have a system for meter pricing based on demand. Residents could be allowed to park in metered locations for free but they then forego the return from the meter, more so when parking rates are higher. Higher meter rates ensure that more spaces will be available as needed and residents see an actual benefit to a situation (reducing parking lot space) where previously there was only cost.