NYC May Follow Chicago’s Meter Privatization Example
Normally, trends start in LA or New York and a decade or two later, finally make it to Chicago.
But in at least one regard, it seems Chicago is a real trend setter.
Just under two years ago, Mayor Daley made Chicago the first city in the nation to privatize it’s parking meter system.
Now other cities are following suit.
Currently, Pittsburgh seems ready to pull the trigger on a 50 year meter lease for $452 million.
Los Angeles, nearby Indianapolis and a handful of other cities have been mulling over the idea as well.
But now, it looks like the nation’s largest city, New York City, may follow Chicago’s lead as well.
According to a story in Monday’s New York Post, the Big Apple is considering selling off its 54,000 plus meter system, estimating it could generate an upfront payment of $5 billion.
But former Indianapolis mayor and now deputy mayor for NYC Steven Goldsmith says the city won’t be rushed into a deal that would dry up a revenue stream that produced $138.9 million in revenue in 2009.
But as The New York Observer theorizes, if the city’s budget situation gets worse, that $5 billion may just be too tempting to pass up.
Chicago alderman Scott Waguespack (32nd), seemingly now the national spokesperson against parking meter privatization, was quoted in the Post’s piece as well.
“Oh, no!” Chicago Alderman Scott Wauguespack exclaimed after being told that New York officials were studying what his city had done.
“It filled the budget gap for one year,” he said. “Now, we’ve lost our revenue stream for the next 70 or so years.”
Here’s the full story in the New York Post, “City mulls $5B meter sell-off.”