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Planet Money

When Chicago pawned its parking meters

Planet Money

NPR

Business, News

4.629.8K Ratings

🗓️ 12 December 2025

⏱️ 31 minutes

🧾️ Download transcript

Summary

In 2008, Chicago’s budget was in a bad place. The city needed money. One way to raise money was to increase property taxes, but what politician wants to do that? So instead, Mayor Richard M. Daley’s administration looked around at the resources the city had, and thought, ‘Any of this worth anything?’ They opted to lease out the city’s metered parking system — to privatize all 36,000 of its parking meters. 

The plan: have private companies bid on operating the meters, modernizing the system, and keeping the profits for a certain number of years. In exchange, they would give Chicago a big lump sum payment. The winning bid was $1.16 billion dollars for a 75-year lease. 

Today’s episode is the story of how that bid got put together, and how it came to be hated. There are kidnapped parking meters, foot chases through City Hall, and trashbags filled with secret documents. 

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This episode was produced by Willa Rubin with help from Luis Gallo and Sam Yellowhorse Kesler. It was edited by Jess Jiang, fact-checked by Vito Emmanuel and engineered by Cena Loffredo and Robert Rodriguez. Alex Goldmark is our executive producer.

Music: NPR Source Audio - “Smoke Rings,” “Reverend,” and “Sniffin Glue.”

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Transcript

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0:00.0

Hey, it's Kenny Malone, and I want to take a quick minute to talk about public media. It was founded to inform, to educate, to expand our perspective. But as of this fall, federal funding for public media, including NPR and local NPR stations, has been eliminated. It was a huge blow on top of an already very busy year here at Planet Money.

0:23.6

You know, in 2025, we've raced to publish episodes on the trade war, the Doge Chainsaw, the fight over the Federal Reserve.

0:31.5

And obviously, we could go on and on. But we've also tried to balance that heavier stuff with stories to entertain and illuminate,

0:38.2

even delight, we hope, from time to time.

0:40.7

Like the story about why it is so hard to find a public toilet or the mystery behind the website milk.com.

0:48.6

We've also taken on some bigger projects this year, like the end of Pax Americana

0:53.4

and kicking off our quest to make

0:55.9

a board game. So it's been a lot. And we want to be just as ambitious next year to meet

1:01.8

whatever the moment calls for with, of course, your help. So thank you if you've already gone

1:08.3

the extra mile as an NPR Plus supporter. And if not, you can join

1:14.1

our Plus community. You can get a bunch of perks like bonus episodes and more from across

1:20.1

NPR's podcasts and support public media along the way by signing up for NPR Plus today. You can just go to plus.npr.org.

1:31.9

And of course, thank you.

1:36.8

This is Planet Money from NPR.

1:42.3

Chicago journalist Mick Dumkey has an amazing memory.

1:47.0

He's the type of person who can look at a map of a new city and then go for a run and not get lost.

1:53.6

Or recall exactly where he was on a Tuesday in December of 2008.

2:00.0

He was at the gym.

2:01.1

I'm a regular weightlifter, Nick,

2:02.9

even though you'd never know it from looking at me

2:05.1

because I'm not a very big guy.

2:07.0

But I'm pretty sure I was in the weight room at that time.

...

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