How Chicago’s Parking Meter Mistake Adds to the Cost of Parking


The city of Chicago does not get parking meter money.

This is the story.

Chicago’s Parking Meter Mistake

During the Great Recession, Chicago’s budget problems got worse. Imagining a parking revenue bonanza, they decided to lease their parking meters. For what appeared to be a whopping amount–$1.15 billion–they offered a 75-year lease to a Morgan Stanley-led group for approximately 36,000 meters.

Between 2009 and 2024, those meters became a cash cow milked by the Morgan Stanley investors for $1.87 billion in profits. Now though, with 57 years to go, for (reputedly) more than $2.3 billion, the lease is for sale. While the city said a buyback would be too expensive, a NY investment firm expressed interest. If the City Council approves the deal, Chicago’s meter lease will have a new owner. And, as meter charges continue climbing, Chicago still loses the money it might have had.

Our Bottom Line: The Tragedy of the Commons

Actually, meters are just one way that we pay for parking because parking is never free.

Search time cost the most in New York:

cost of parking

When a resource is owned by no one- and therefore everyone–we tend to overuse it. Called the tragedy of the commons, the excessive use of parking spaces creates a cost for all of us. Though not money, that cost includes the time spent looking for a space and the aggravation that certain people are “hogging” the existing spaces. It is also possible that stores lose customers on very hot or very cold days because no nearby parking is available.

With parking meters, the costs shift. Yes, there is money spent. But that charge creates the incentive to limit the usage. As a result, stores could enjoy extra business, most municipalities get the revenue, and we spend less time circling the block.

But not in North Dakota where parking meters are prohibited.

My sources and more: The Chicago Tribune had most of today’s facts. From there we went back to this econlife post for more on the cost of parking and several cities’ solutions.



Source link

Leave a Reply

Subscribe to Our Newsletter

Get our latest articles delivered straight to your inbox. No spam, we promise.

Recent Reviews







We may receive a commission on purchases made from links.

A toolkit can go a long way toward helping you stock up on essentials. All of the major tool brands offer different kinds, including the longstanding power and hand tool favorite, Craftsman. Its products can be found in many online stores, and Amazon is currently holding a major sale. At the time of publication, a 262-piece Craftsman hand tool set is on a massive markdown of 40% off, saving you $100 at checkout.

The collection currently costs $149, which is still a lot of money, but is a big budgetary improvement over the $249 regular price. With the discount, you’re getting more for your dollar, and this kit includes 118 sockets, three ratchets to use them on, 24 wrenches, 44 hex keys, 66 specialty bits, and seven extra accessories. The set comes in a three-drawer, handled toolbox that’s part of the Craftsman VersaStack modular storage system. You’re also getting a full lifetime warranty.

While the price and quantity of tools may seem right, what is there to say about the quality of this Craftsman kit? According to most customers, it’s a worthwhile buy for any DIYer, even without a huge sale to sweeten the deal.

How online buyers feel about this Craftsman tool kit

On Amazon, the response to this specific Craftsman tool kit has been resoundingly positive. There are currently close to 300 reviews discussing this specific variant and over 10,000 for the overall product, and the vast majority gave it five stars. Most found the quality of the tools and sockets more than up to par, the VersaStack toolbox sturdy and great for organization and protection, and the price adequate. Still, it’s often said this is more of a beginner or around-the-house kind of kit, so if you want it for professional use, it’s not considered the strongest option on the market.

Elsewhere online, this kit has continued to garner largely positive press. On the Craftsman website itself, almost all of the 18 reviews gave it five stars. Some applauded the functionality of the VersaStack case and its ability to connect to other boxes in the line, while others praised the versatility of the tools within. Meanwhile, most of the 289 reviews on Lowe’s website are five-star and approve of the kit’s piece selection and durability.

There are a lot of great mechanic tool sets for anyone’s budget, and there could be a case to make that this Craftsman 262-piece set belongs alongside them. At its sale price or otherwise, it’s a hit across several retailers. Whether it’s the right set for you and your hand tool-related needs, though, is a question only you can answer. 





Source link