NYC Restarts Parking Meter Privatization
Hey Morgan Stanley!
It’s seems like another major American city is looking to sell off their parking meter system according to Bloomberg News and other sources.
And this time it’s right in your front yard–New York City!
Deputy Mayor Stephen Goldsmith (former mayor of Indianapolis) is the one floating the idea on behalf of the Bloomberg Administration.
Goldsmith tells the Wall Street Journal that unlike Chicago, if it leased out it’s 50,000 plus meter system it would not be looking for a lump sum up front payment and give up the $150 million a year in meter revenue. They would be looking at something more akin to a revenue share partnership and as Bloomberg describes is keeping descriptions deliberately vague to allow for the broadest range of proposals.
The city, unlike Chicago, is going to insist on keeping strict control of meter rates, according to the New York Daily News.
It is rather humorous that in all the reporting and all the interviews, NYC officials insist their deal will not be like Chicago’s.
Glad the Windy City could be the example to other cities of what privatization failure looks like.
So, Morgan Stanley, you better get your butt in gear. NYC is looking for final proposals by March 11th.
So New York City is going to insist on strict control of parking meter rates “unlike Chicago”? My understanding is that our Mayor and his inept staff shafted the motorists of this city by setting the ridiculous rate schedule that we now have to live with in the first place!
Oddly enough, one of the articles mentions that the former mayor of Indianapolis is now working for New York City and spearheading this project. As Mayor of Indianapolis, he also learned form the Chicago experiment and his meter privatization includes a hefty revenue share for his city.
http://www.theindychannel.com/news/26954247/detail.html
Nice to see that an ex-chicago DoR employee is now leading the charge for the private sector in Indianapolis. I guess he learned a thing or two at our expense as well.
Very good Winky.
That’s 100% correct, the City still to this Day controls the meter Rates.
Not the CPM or LAZ.
20m up front and 620m for 50 years? Sounds like Indy got screwed harder than Chicago did by CPMs 1.115 billion offer.
What do they have like 4,000 meters when we had almost 40,000? All things being equal, which I understand they’re not; if we would have followed their formula, ten times 20 million is 200 million up front and and 10 times 620 million over 50 years is 6.2 billion. So who got screwed hardest again?
Well…we did have to deal with Daley for 21 crooked years.
Winky, Winky, Windy…where to start.
First off, it’s hard to imagine that Goldsmith learned from the Indianapolis meter deal…as he hasn’t been mayor of Indianpolis for over a decade.
Second, you understand that if I give you 5 dollars in 50 years and you give me a dollar today that YOU ARE THE ONE GETTING SCREWED?
Sadly, I imigine you don’t. It’s simple math my friend. It has escaped you twice in one article, I really hope you aren’t doing your own taxes!
Going forward, don’t let complete ignorance on a topic keep you from forming an immediate opinion.