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Cautionary Tales with Tim Harford
The City That Sold Itself To Wall Street
Sep 1, 2023
Henry Grabar, author of "Paved Paradise," dives into the fallout from Chicago's 2008 parking meter lease to Wall Street that left residents facing rising fees and lost access. He explores the emotional connection people have to parking, the broader implications of privatizing public services, and how outdated regulations shape urban life. Grabar also discusses the hidden costs of excessive parking requirements on housing and advocates for flexible urban planning that prioritizes livability and community needs.
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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