This is the definitive book on the economics of parking, here is one short summary bit by Shoup from his introduction:

Remove off-street parking requirements. Developers and businesses can then decide how many parking spaces to provide for their customers.

Charge the right prices for on-street parking. The right prices are the lowest prices that will leave one or two open spaces on each block, so there will be no parking shortages. Prices will balance the demand and supply for on-street parking spaces.

Spend the parking revenue to improve public services on the metered streets. If everybody sees their meter money at work, the new public services can make demand-based prices for on-street parking politically popular.