Chicago Dems Allowed Its Parking Meters to be Sold to a Private Company, Rates to Increase
Seventeen years ago, Chicago privatized its parking meters and sold them off to a private company that is now selling the meters to another private company. Chicago Mayor Brandon Johnson has the opportunity to buy back the meters, but he said the cost is too high.
When the city sold the lease for the meters, parking cost $3 per hour – the current cost is $7 per hour to park downtown.
Former Mayor Richard Daley convinced the City Council to swiftly sell a 75-year lease of city’s parking meters in 2008 for $1.15 billion to help plug a city budget deficit. The company that bought the meters has already brought in nearly $2 billion in revenue from the deal, with 57 years still to go on the deal.
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https://needtoknow.news/2026/01/chicago-dems-allowed-its-parking-meters-to-be-sold-to-a-private-company-rates-to-increase/
https://www.cbsnews.com/chicago/news/mayor-brandon-johnson-wont-try-to-buy-back-chicagos-parking-meters/