Here is a solution to the city's budget issues and the apparent problem around parking turnover, TIERED PARKING RATES.
$0.50 30 minutes of parking
$2.00 60 minutes of parking
$4.00 90 minutes of parking
$6.00 120 minutes of parking
Tiered parking rates will solve the parking turnover issue without driving consumers to other cities. It encourages consumers to shop more efficiently, not drive shoppers away. Shorter parking stays equals less cost. This proposal will help Seattle businesses and thus the city revenues (more sales tax).
People/voters will be more amicable to this solution than raising rates, as it provides people an option and gives them a choice.
There are several ways to raise revenue. Raising fees/taxes are not the only way. The city can raise revenue by encouraging more spending. Additionally, keep in mind that building more garages or increasing the number of parking spaces will also increase revenue. More spaces will allow for more shoppers, and so more sales tax to collect and parking fees.