All parking meters in Chicago owned by foreign interests for the next 75 years since 2008. And they made back all their money + 500M and they still got 61 years left on the deal.
Chicago was struggling financially because of the Great Recession. Out of desperation, the city rushed to take a $1.15 billion offer from private investors—including some from as far away as Abu Dhabi—in exchange for control of 36,000 parking meters for 75 years.
Once the ink was dry, the deal’s finer details came into focus. The city’s inspector general concluded that the meters had been sold off $1 billion dollars under their value. And because the investors demanded a healthy return on their investment, parking rates shot up to some of the nation’s highest.
In a short-sighted attempt to fill holes in their budgets, some states have been selling the control over their toll roads to private foreign investors. The most famous…
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