The Chicago parking situation is nuts. Not only did they sell them for 75 years, and not only did they sell for only a little over a single year of earnings, but they’re also required to reimburse the parking companies for lost revenue (such as from reducing parking spaces or construction). The price of parking has more than doubled since then.
Maybe this can be a lesson to everyone about privatization.
Except in Chicago, where the meters are privately owned 😅
Having a higher meter rate does create a perverse incentive for the city to provide more on street parking to make more money however…
The Chicago parking situation is nuts. Not only did they sell them for 75 years, and not only did they sell for only a little over a single year of earnings, but they’re also required to reimburse the parking companies for lost revenue (such as from reducing parking spaces or construction). The price of parking has more than doubled since then.
Maybe this can be a lesson to everyone about privatization.
That lesson: bribe govt officials to privatize public goods because you’ll get your money back and then some 😅
Urg, gross