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This is one of the many disadvantages of empowering a strong executive that can overrule the internal specialists. There are also lots of disadvantages of weak

This is one of the many disadvantages of empowering a strong executive that can overrule the internal specialists. There are also lots of disadvantages of weak executive models of governance too, mostly around stagnation and adherence to the status quo... Chicago auctioning away its parking revenue for 75 years for a mere $1.6B was a far bigger mistake and curse upon the public. At least the chromebooks have a far shorter lifetime https://www.npr.org/2025/12/12/nx-s1-5642708/chicago-parking-meter-privitization https://www.npr.org/2025/12/12/nx-s1-5642708/chicago-parking...

thaumasiotes 10mo ago
> Chicago auctioning away its parking revenue for 75 years for a mere $1.6B was a far bigger mistake and curse upon the public. Depending on your perspective, you might see that as a boon to the cause of free parking.
- otherjason 10mo ago
  The parking spaces in question aren’t free; the city sold the long-term rights to operate the parking facilities to the private sector in a bid to balance one year’s budget.
  - deleted 10mo ago
    [deleted]
- lithos 10mo ago
  Laughing so hard at your naivety. They sold parking rate setting, collections, and towing to a mixture of Morgan Stanley and Abu Dhabi
- nkrisc 10mo ago
  They sold the rights to the revenue. They sold a dollar tomorrow for a penny today.
  - lotsofpulp 10mo ago
    The street parking deal is chump change. Government’s routinely pay government employees with underfunded defined benefit pensions and retiree healthcare for a penny today. Especially Chicago and Illinois (multiple standard deviations above the norm). I’m pretty sure they sold the street parking because of the underfunded obligations to previous employees. These reports go further in depth, with comparisons to other governments: https://www.truthinaccounting.org/resources/page/state-reports https://www.truthinaccounting.org/resources/page/state-repor... https://www.truthinaccounting.org/resources/page/city-reports https://www.truthinaccounting.org/resources/page/city-report...
kelnos 10mo ago
Out of curiosity, what does Chicago's yearly parking revenue look like? (Not doubting that they made a bad deal, just curious.)
- blahyawnblah 10mo ago
  The company they leased it has already made their money back
- loeg 10mo ago
  $150 million in 2023, $160 million in 2024. But before the 2008 deal, only ~$20 million. (All numbers from https://www.nbcchicago.com/news/local/chicago-parking-meters-have-generated-2b-for-private-company-audits-show/3741103/ https://www.nbcchicago.com/news/local/chicago-parking-meters... .)
  - pseudalopex 10mo ago
    > $150 million in 2023, $160 million in 2024. But before the 2008 deal, only ~$20 million. Someone who read this comment but not the article could assume this was because demand increased unexpectedly. But someone interviewed for the article said the company increased rates and required payment where it was not required before.
markus_zhang 10mo ago
I’d rather mark that as corruption, not mistake. Those people are not stupid (when they can sprinkle $$ to their friends).
- epistasis 10mo ago
  Corruption is also hugely inflated when there is unchecked power at the top. See for example all of Russia's history, where the more power one has the more corruption there is. Or the current US president and all the advocates for the novel "unitary executive" idea: all about enabling massive corruption and extraction of working people's labor for the benefit of unproductive elites.
loandbehold 10mo ago
>> Chicago auctioning away its parking revenue for 75 years for a mere $1.6B was a far bigger mistake and curse upon the public. At least the chromebooks have a far shorter lifetime Given that upcoming self-driving revolution likely means those parking spaces will have very little use, it may end up to be an unintentionally wise decision.
- halestock 10mo ago
  Yeah but by the time that revolution is here, the contract will have ended.
  - chrisshroba 10mo ago
    The contract ends in 2083 (58 years), which even by conservative estimates is well after cars will be able to self-park
- pseudalopex 10mo ago
  No. The company recouped their investment already.[1] [1] https://www.nbcchicago.com/news/local/chicago-parking-meters-have-generated-2b-for-private-company-audits-show/3741103/ https://www.nbcchicago.com/news/local/chicago-parking-meters...
  - stogot 10mo ago
    OP was saying it was stupid for Chicago to give that away for peanuts
    - pseudalopex 10mo ago
      The person I replied to said Chicago's decision may end up to be wise.
- callc 10mo ago
  Is this sarcasm? Dismissing concerns of issues that affect people today with the promise of some solution that may or may not happen to the degree you think it may address the real problems of today is really not cool. On other note, Chicago in winter may be icy driving. It may be harder to convince Chicagoans to join the “revolution” that sunny day Californians (or any other non-icy weather areas)

thaumasiotes 10mo ago

> Chicago auctioning away its parking revenue for 75 years for a mere $1.6B was a far bigger mistake and curse upon the public. Depending on your perspective, you might see that as a boon to the cause of free parking.

otherjason 10mo ago
The parking spaces in question aren’t free; the city sold the long-term rights to operate the parking facilities to the private sector in a bid to balance one year’s budget.
- deleted 10mo ago
  [deleted]
lithos 10mo ago
Laughing so hard at your naivety. They sold parking rate setting, collections, and towing to a mixture of Morgan Stanley and Abu Dhabi
nkrisc 10mo ago
They sold the rights to the revenue. They sold a dollar tomorrow for a penny today.
- lotsofpulp 10mo ago
  The street parking deal is chump change. Government’s routinely pay government employees with underfunded defined benefit pensions and retiree healthcare for a penny today. Especially Chicago and Illinois (multiple standard deviations above the norm). I’m pretty sure they sold the street parking because of the underfunded obligations to previous employees. These reports go further in depth, with comparisons to other governments: https://www.truthinaccounting.org/resources/page/state-reports https://www.truthinaccounting.org/resources/page/state-repor... https://www.truthinaccounting.org/resources/page/city-reports https://www.truthinaccounting.org/resources/page/city-report...

kelnos 10mo ago

Out of curiosity, what does Chicago's yearly parking revenue look like? (Not doubting that they made a bad deal, just curious.)

blahyawnblah 10mo ago
The company they leased it has already made their money back
loeg 10mo ago
$150 million in 2023, $160 million in 2024. But before the 2008 deal, only ~$20 million. (All numbers from https://www.nbcchicago.com/news/local/chicago-parking-meters-have-generated-2b-for-private-company-audits-show/3741103/ https://www.nbcchicago.com/news/local/chicago-parking-meters... .)
- pseudalopex 10mo ago
  > $150 million in 2023, $160 million in 2024. But before the 2008 deal, only ~$20 million. Someone who read this comment but not the article could assume this was because demand increased unexpectedly. But someone interviewed for the article said the company increased rates and required payment where it was not required before.

markus_zhang 10mo ago

I’d rather mark that as corruption, not mistake. Those people are not stupid (when they can sprinkle $$ to their friends).

epistasis 10mo ago
Corruption is also hugely inflated when there is unchecked power at the top. See for example all of Russia's history, where the more power one has the more corruption there is. Or the current US president and all the advocates for the novel "unitary executive" idea: all about enabling massive corruption and extraction of working people's labor for the benefit of unproductive elites.

loandbehold 10mo ago

>> Chicago auctioning away its parking revenue for 75 years for a mere $1.6B was a far bigger mistake and curse upon the public. At least the chromebooks have a far shorter lifetime Given that upcoming self-driving revolution likely means those parking spaces will have very little use, it may end up to be an unintentionally wise decision.

halestock 10mo ago
Yeah but by the time that revolution is here, the contract will have ended.
- chrisshroba 10mo ago
  The contract ends in 2083 (58 years), which even by conservative estimates is well after cars will be able to self-park
pseudalopex 10mo ago
No. The company recouped their investment already.[1] [1] https://www.nbcchicago.com/news/local/chicago-parking-meters-have-generated-2b-for-private-company-audits-show/3741103/ https://www.nbcchicago.com/news/local/chicago-parking-meters...
- stogot 10mo ago
  OP was saying it was stupid for Chicago to give that away for peanuts
  - pseudalopex 10mo ago
    The person I replied to said Chicago's decision may end up to be wise.
callc 10mo ago
Is this sarcasm? Dismissing concerns of issues that affect people today with the promise of some solution that may or may not happen to the degree you think it may address the real problems of today is really not cool. On other note, Chicago in winter may be icy driving. It may be harder to convince Chicagoans to join the “revolution” that sunny day Californians (or any other non-icy weather areas)