How Much Should Parking Cost? Ctd

Jan 3 2012 @ 3:00pm

Parking_grid

Mike Konczal contrasts Shoup's vision of market-driven prices for parking with Chicago's privatized system:

Chicago sold off a 75 year lease for its parking meter revenues in a sweetheart deal for JP Morgan and faceless fronts of international capital with no public debate, bids or scrunity.  The plan has no emphasis on competition and market pricing either between spaces or between firms owning the resources – all public meters are owned by a single, private entity. … In the Chicago parking meter example, when there are block parties or art fairs that block meters the public has to compensate the private owners.  Private investors need to approve or get paid for there to be public gatherings on Chicago streets.  People find this inherently offensive, as well they should.