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Cautionary Tales with Tim Harford
The City That Sold Itself To Wall Street
Sep 1, 2023
The podcast discusses the controversial parking meter leasing deal in Chicago, the negative impacts of privatizing parking meters, the trade-off between parking and housing, the impact of the deal on electric vehicles, and the challenges of parking and appreciating green spaces.
38:28
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Quick takeaways
- The Chicago parking meter deal highlights the importance of thorough evaluation and public input before entering into novel privatization agreements.
- Rethinking parking policies and transitioning to alternative modes of transportation is essential in creating sustainable and livable cities.
Deep dives
The Chicago Parking Meter Privatization
Chicago sold its parking meters to a Morgan Stanley-led consortium, resulting in skyrocketing parking fees and dissatisfaction among residents. The deal, which lacked transparency, didn't consider the long-term financial implications for the city. It also restricted the city's ability to implement parking policies and invest in public services. The privatization of parking meters highlights the importance of thorough evaluation and public input before entering into novel privatization agreements.
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