A new study suggests New York City could generate an additional $1.3 billion annually by significantly expanding metered parking, a proposal the Mamdani administration acknowledges as necessary.

However, both local residents and business owners have criticized the idea, accusing the Democratic socialist mayor of seeking extra funds to cover his numerous promised benefits.

“It’s absurd! This is just a tactic to fund the giveaways, and, as usual, it’s at the expense of poorer communities,” complained Marcel Crandon, a 56-year-old manager of an extermination company based in Bed-Stuy, Brooklyn, an area likely to be affected.

Despite the backlash, the Center for an Urban Future, a think tank, argues in its report that raising parking costs in commercial zones could significantly increase city revenue. They also suggest this move could enhance turnover for local businesses and alleviate the congestion caused by drivers searching for scarce parking spots.

New York City encompasses over 12,000 miles of curb space, offering more than 3 million street parking slots.

Yet, only 80,000 of these spaces, or less than 2.5%, are metered, according to the Urban Future report.

The number of metered spots should be increased by at least 25% to achieve financial and congestion goals, the group said.

The city could also implement peak-time pricing for street parking, citing the success of the current congestion pricing program, the report said.

The city Department of Transportation once experimented with peak meter pricing under former Mayor Michael Bloomberg, but the program was dropped, apparently because it was so unpopular.

“That’s a costly missed opportunity,” the think tank said in its report. “The city’s current parking meter program generates about $258 million in revenue annually—a figure that is essentially flat over the past decade after adjusting for inflation.”

Asked about the push for more meters, a City Hall rep told The Post on Monday that Mayor Zohran Mamdani is open to updating the Big Apple’s parking rules.

“New York City’s parking rules haven’t meaningfully changed since the 1950s, when overnight street parking was first legalized. But our streets have,” the spokesman said.

“With the rise of home deliveries, cycling, and outdoor dining, curb space is more contested than ever.

“The Mamdani administration is committed to modernizing how we manage our curbs — reforming metering strategies and rethinking how curb lanes can better serve all New Yorkers,” the representative added.

In its report, Urban Future specifically cited a four-block stretch on Nostrand Avenue between Halsey and Madison streets in Brooklyn that doesn’t have metered parking — “despite boasting multiple businesses and being directly adjacent to the Bed-Stuy Gateway Business Improvement District.”

But don’t tell that to local shopkeepers and residents in the neighborhood.

They claimed that imposing metered parking on their streets was a cash grab that would hurt business and cause more congestion.

“That’ll kill all these little businesses,” said Maurice Brown, 61, a barber at Don’s and Divas at 399 Nostrand Ave.

“Businesses here are just making it, and now people are not going to want to come here because they don’t want to pay the meters or get the tickets,” he said.

“They’ll just go somewhere else. It’s not cool. This is not a business neighborhood. People are barely making it here! Barely!”

Crandon said, “The poorer people are always the ones paying the bills.”

Bryan Nieves, 35, clerk at the Madison Deli and Grill, at 383 Nostrand, and a local resident, said metered parking will just push customers to park on the side streets.

“There’s no spots on my block now,” Nieves said.

Miriam L., a 32-year-old mom with two daughters, said finding parking on residential streets will be a nightmare if metered parking is installed on Nostrand.

“This is a residential neighborhood. Try your little experiment out somewhere else, please!” she said.

Metered Park charges vary by location, according to the city Department of Transportation’s meter map.

Parking in the core Midtown and Downtown Manhattan business districts costs $5.50 for the first hour.

Metered parking for the first hour is $2.50 in downtown Brooklyn and the commercial strips in Flushing and Jamaica, Queens.

It’s $2 for the first hour in all other city retail districts and $1.50 at other metered parking spots.