More than a decade ago, the city sold control of its curb parking to private investors.
Writing in Jalopnik, Colin Woodard argues that the city of Chicago’s decision to sell control of its parking meters to a group of private investors in 2008 was, in retrospect, “a disaster for the city.”
“Not only did Morgan Stanley jack up the hourly rate on all 36,000 parking meters, but it also requires the city to compensate it for lost revenue any time something such as a parade or road construction temporarily prevents access to a parking meter.” This includes adding new bus stops, raising another hurdle to expanding the city’s bus network.
Woodard adds, “As it turns out, Morgan Stanley actually paid billions less than the deal was worth, and the contract doesn’t expire until 2084, which means most of us will be dead by the time it’s up.” Woodard links to a video from Climate Town that explains the issue in more depth.
FULL STORY: Chicago Selling Its Parking Meters To Morgan Stanley Has Been A Disaster For The City
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