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Well they generated a lot less before price hikes. Ideally the city would have kept it and hiked prices, but unfortunately, high prices for street parking is po
by cozzyd 4y ago
Well they generated a lot less before price hikes. Ideally the city would have kept it and hiked prices, but unfortunately, high prices for street parking is politically unfavorable, even if socially optimal.
- hammock 4y agoThis is a really interesting counterpoint that I hadn’t considered. The fair value would be roughly somewhere between a 3x multiple of what the city could make by operating the meters (low value), and a 3x multiple of what a private operator could make (much, much more with higher prices). That is a huge range and the city wasn’t in much of a position to negotiate
- HDThoreaun 4y agoRight I think privatizing parking revenue makes a ton of sense because of this political problem of people disliking the optimal parking price. That being said this deal was absolutely horrible for Chicago. My least favorite part is that now the city has to pay millions every time they get rid of a paid parking spot, so they couldn’t close streets during the pandemic.
- cozzyd 4y agoYes, it was absolutely a terrible deal. But I'm not sure it's even Daley's biggest boondoggle (like the block 37 cave...)