An Opportunity!

Unfortunately, due to efforts of Conehead, Groot and the 9.5-digit-midget, there isn't any money to rectify this issue:

• Nearly two decades after a $1.15 billion deal privatized Chicago’s parking meters, a window has opened to seize the valuable asset back from private investors. Mayor Brandon Johnson’s administration is at least exploring the idea. But the mere discussion of the multi-billion acquisition raises more questions than it answers.

  Chief among them is whether a city already saddled with more debt per capita than any big city in the nation should borrow billions more to buy out the 57 years that remain on the parking meter deal that Chicagoans love to hate.

  “The original deal was a disaster for taxpayers, and we have to make sure that we don’t compound that disaster,” said Ald. Bill Conway (34th), vice-chair of the City Council’s Finance Committee.

  A former investment banker who still teaches finance at DePaul University, Conway said the leveraged buyout would use meter revenues as collateral on the loan.

First of all, this would (probably) involve hiring massive numbers of parking enforcement people, which if we know government employees (and we do), would be a massive drain, even if they got the Police Department to pitch in.

Second, there would be quotas....and quotas lead directly to corruption on a massive scale. Which means you'd need body cameras or some sort of oversight for the enforcement people - meaning another massive expenditure.

Third, as the article states, there is a declining need to go where the meters are, mostly downtown. In fact, there is a concerted effort to discourage driving downtown, let alone parking there. And with businesses fleeing in massive numbers, conventions leaving for warmer, friendlier climates, tourists going to where they won't be robbed, beaten or shot, the "doom cycle" sets in. Higher pricing discourages drivers and less drivers using parking necessitating higher fees, etc, etc.

Seems like a losing proposition either way.