Waikiki will follow the footsteps, of downtown Honolulu.  There are practically, no free parking stalls.

For Waikiki, to charge $3 an hour for metered parking, for peak time usage, would be an insult.  Peak time parking, is really 24/7/365.  The people who live and/or work in Waikiki, who own a motor vehicle, are out of luck.  For the locals, who want to visit Waikiki, they are out of luck.

You have more motor vehicles, than you have parking stalls, whether metered or free.