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It was not until months later that Chicagoans discovered what a lousy deal it was. The inspector general's report estimates that the private investors paid a little more than half the amount that the system would have generated had the city held onto the meters itself.
One alderman, described at length in the Chicago Reader last May, figures that the parking system might be worth four times what the investors paid. "The taxpayers had been hosed," the Reader concluded.
Meanwhile, the cost of parking increased dramatically, as the new parking-meter proprietor sought to maximize its return. Meters broke down from the unaccustomed load of quarters. Tickets were handed out with abandon. Chicagoans were furious.
The Real Chicago Way
A privatization scheme that's a loser for taxpayers
By Thomas Frank
December 8, 2009 | Wall Street Journal
URL: http://online.wsj.com/article/SB10001424052748703558004574584232074750544.html
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