The city scored a $1.15 billion deal to privatize its parking meters but it comes at a price for the lowly Chicago driver.
Under a deal announced by the city Tuesday, drivers in Chicago will pay $6.50 an hour to park at a downtown parking meter in 2013 -- up from $3 now. And parking in shopping areas outside the Loop will go from $1 to $4 an hour.
This deal brings the city desperately needed cash and, arguably, brings city parking rates into the 21st century. The city says 70 percent of rates haven't changed in 20 years.
You can argue this is good for the environment -- Chicagoans are more likely to take the train or the bus if parking isn't a steal. It's also potentially good for reducing congestion. But if our public transit system doesn't improve, many people will just pay more to park.
Where do you come down on parking meter privatization:
Is it a rip-off or a wise move for the city and the environment?
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