4 ms·
> 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,
by 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 agoThe 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 agoLaughing so hard at your naivety. They sold parking rate setting, collections, and towing to a mixture of Morgan Stanley and Abu Dhabi
- nkrisc 10mo agoThey sold the rights to the revenue. They sold a dollar tomorrow for a penny today.
- lotsofpulp 10mo agoThe 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...