L.A. Parking Meters: The New Corporate ATMs?
City News Service reports that, in its endless quest to resolve L.A.'s budget crisis, the City Council has approved half a million dollars to study the benefits of selling off six city-owned garages and 41,000 parking meters. That's right -- in the near future, depending on where you park, you could be feeding your money directly to a private company that, you can rest assured, won't be using it for urban improvements. The sites affected are at the Hollywood & Highland complex, Pershing Square, ArcLight/Cinerama Dome and lots in West L.A., Westwood Village and central Hollywood.
Apparently Chicago's gone down this road and it's made the city (or someone in that city) happier to the tune of $1.7 billion. CNS quotes Councilman Greig Smith, the motion's lone "No" vote, as disparaging the plan for giving up sources of steady revenue for a quick payoff.
"We're selling property at the bottom of the market," CNS quotes Smith. "What a stupid idea.''
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