When Chicago pawned its parking meters

This episode of Planet Money investigates the privatization of Chicago's parking meters in 2008, a deal that has become infamous for its negative impact on the city and its residents. Through interviews and analysis, the hosts, Nick Fountain and Alexi Horowitz-Ghazi, explore how Mayor Daley's administration, facing budget issues, sold off the city's parking meter revenue for 75 years in exchange for a $1.16 billion upfront payment. The deal led to increased meter rates, flawed meter calibrations, and a situation where the city had to compensate the parking company for taking meters out of service for events. The hosts discuss the implications of the deal, including the city undervaluing future profits by using a high discount rate and making the lease term too long, resulting in a financial windfall for the private company at the expense of Chicagoans.