Support for LAist comes from
Become a sponsor
Made of L.A.
Donate
Stay Connected

LAist is part of Southern California Public Radio, a member-supported public media network. For the latest national news from NPR and our live radio broadcast, visit LAist.com/radio

Keep up with our local independent news

The Top 5 newsletter catches you up with LA’s top 5 stories in just 3 minutes.
Donate

Share This

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.

News

Imagine if LA's Meters Were Enforced 24/7 & Owned by Morgan Stanley

By  Zach Behrens
Published Feb 24, 2009 11:00 PM
parking_private.jpg
Photo by jek in the box via LAist Featured Photos on Flickr
Our June member drive is live: protect this resource!
Right now, we need your help during our short June member drive to keep the local news you read here every day going. This has been a challenging year, but with your help, we can get one step closer to closing our budget gap. Today, put a dollar value on the trustworthy reporting you rely on all year long. We can't hold those in power accountable and uplift voices from the community without your partnership.

That's the hot mess happening in Chicago right now. In a 75-year, $1.15 billion lease between the City of Chicago and Morgan Stanley, the bank gets to operate and earn revenue from 36,000 parking meters and several parking structures in the city. Not only that, the city just significantly increased parking meter rates and expanded hours and enforecable hours--including Sundays, some holidays and 24/7 in downtown. The city still gets to enforce and keep revenue from parking tickets, but Morgan Stanley can do supplemental enforcement in parking garages.

Today, the LA Times said Mayor Antonio Villaraigosa's has been "quietly" exploring the idea for Los Angeles by "building a team of financial experts and attorneys who could advise him in structuring a deal." Will our 43,000 meters be under control of a private company next?

Most Read
Best of LAist