In China, traditional techniques for measuring structural subsidence cannot keep pace with the rapid development of critical national infrastructure such as the growing network of high-speed railways. Traditional monitoring methods using leveling instruments are inefficient and time consuming when monitoring structures like bridges and tunnels. Thus, a fast, economical, and more accurate and precise way to survey building subsidence is urgently needed to address this problem. This paper introduces a new close-range photogrammetry technique that deploys a fixed camera with tilt compensator to measure changes in height over small areas. A barcode subsidence mark that can be identified automatically during digital image processing replaces the leveling points used in traditional methods. Four experiments at different locations verified that results from the new method were stable and consistent with total station measurements. This approach is simple, inexpensive, and produces accurate and precise results as our evaluation results show.