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When Chicago pawned its parking meters

Overview

Shownote

Highlights

Transcript

Chapters

Pins

When Chicago pawned its parking meters

Planet Money

2025/12/12
Planet Money

Planet Money

2025/12/12
OverviewShownoteHighlightsTranscriptChaptersPins

Shownote

In 2008, Chicago’s budget was in a bad place. The city needed money. One way to raise money was to increase property taxes, but what politician wants to do that? So instead, Mayor Richard M. Daley’s administration looked around at the resources the city ha...

Highlights

In the midst of a fiscal crisis, Chicago made a bold financial decision that would reshape how residents interacted with one of the most everyday parts of city life: parking. Facing pressure to avoid tax hikes, city leaders turned to an unconventional source of revenue—one that seemed painless at first but would spark outrage for years to come.
09:21
Money now is worth more than money later due to the time value of money.
12:07
The present value of 75 years of parking meter profits was calculated at $1.16 billion.
20:58
The city had to pay the parking company when taking meters out of service, costing millions.
26:25
Aaron estimated the 2008 value of the meters at $2.1 billion, nearly double the sale price.

Chapters

How a City in Crisis Turned Its Parking Meters into Cash
00:00
What Did $1.16 Billion Really Buy?
12:07
When Cheap Cash Came at a High Price
17:27
What Were They Hiding in Those Trash Bags?
23:27
Was This the Worst Deal in American Urban History?
29:23

Transcript

Speaker 3: Support for NPR and the following message come from Edward Jones. A rich life isn't always a straight line. Unexpected turns can bring new possibilities. With a hundred years of experience navigating ups and downs, Edward Jones can help guide yo...