Truth matters. Community matters. Your support makes both possible. LAist is one of the few places where news remains independent and free from political and corporate influence. Stand up for truth and for LAist. Make your year-end tax-deductible gift now.
This is an archival story that predates current editorial management.
This archival content was written, edited, and published prior to LAist's acquisition by its current owner, Southern California Public Radio ("SCPR"). Content, such as language choice and subject matter, in archival articles therefore may not align with SCPR's current editorial standards. To learn more about those standards and why we make this distinction, please click here.
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.
You come to LAist because you want independent reporting and trustworthy local information. Our newsroom doesn’t answer to shareholders looking to turn a profit. Instead, we answer to you and our connected community. We are free to tell the full truth, to hold power to account without fear or favor, and to follow facts wherever they lead. Our only loyalty is to our audiences and our mission: to inform, engage, and strengthen our community.
Right now, LAist has lost $1.7M in annual funding due to Congress clawing back money already approved. The support we receive before year-end will determine how fully our newsroom can continue informing, serving, and strengthening Southern California.
If this story helped you today, please become a monthly member today to help sustain this mission. It just takes 1 minute to donate below.
Your tax-deductible donation keeps LAist independent and accessible to everyone.
Right now, LAist has lost $1.7M in annual funding due to Congress clawing back money already approved. The support we receive before year-end will determine how fully our newsroom can continue informing, serving, and strengthening Southern California.
If this story helped you today, please become a monthly member today to help sustain this mission. It just takes 1 minute to donate below.
Your tax-deductible donation keeps LAist independent and accessible to everyone.
Senior Vice President News, Editor in Chief
