Activists Hand Out Fake Parking Tickets To Explain That It's Wall Street's Fault They're So Expensive
Did you know that your outrageously expensive parking tickets are not Los Angeles' fault, but actually Wall Street's? That's what the Fix LA Coalition thinks, at least, and that's also why they had 'parking officials' refresh meters and hand out faux tickets today. The Fix LA Coalition, which consists of several progressive and labor groups, believes that bank fees are bankrupting L.A. and lining the pockets of Wall Street. It's because of this that L.A.'s services are lacking and also why the City needs to gouge its residents on parking tickets.
In a statement from Fix LA, they said L.A. is paying out $300 million a year in taxpayer money to banks, LA Weekly reports.
To raise awareness of their point, group members went out around downtown at lunchtime today and slid fake parking tickets under wiper blades. They also put change into the meters of those who were cutting it close.
According to the L.A. Times, Los Angeles made an interest rate swap eight years ago with Bank of New York Mellon and Dexia Credit Local to decrease borrowing costs for over $316 million in wastewater bonds. They also locked into a low, fixed interest rate of 3.34 percent. However, the recession pushed interest rates even lower. Fix LA wants Los Angeles to revisit those rates, but city budget officials say that ending the deals would rack up $25 million in termination fees. Also, the money saved would have to go to wastewater projects.
Meanwhile, The Parking Freedom Initiative has been calling for lower parking ticket costs, too, saying that its an unfair price and that parking restrictions are often confusing. The Times notes that the city has gotten more aggressive in handing out parking citations over the last decade: citations went from bringing $110 million a year to roughly $161 million a year between 2003 and 2014.