When Chicago pawned its parking meters
Episode
30 min
Read time
2 min
AI-Generated Summary
Key Takeaways
- ✓How do cities calculate present value of future revenue streams?
- ✓What makes privatization deals succeed or fail for municipalities?
- ✓Why did Chicago's parking meter sale become notorious nationwide?
What It Covers
Chicago's disastrous 2008 decision to privatize parking meters for 75 years, selling future revenue worth $2.1 billion for only $1.16 billion during financial crisis.
Key Questions Answered
- •How do cities calculate present value of future revenue streams?
- •What makes privatization deals succeed or fail for municipalities?
- •Why did Chicago's parking meter sale become notorious nationwide?
Notable Moment
Alderman Scott Waguespack discovers secret documents about the deal in trash bags behind a city building, revealing the parking system had been partially sold to Abu Dhabi.
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