It's a lot worse than this. There is a video I saw on it a year ago.
It was a deal that was hyper rushed by the city to raise quick cash and it was actually with an investment bank... I think... It was J.P Morgan but I can't remember exactly.
Basically the bank get's the right to charge the city for usage it thinks it should have, and can set it's own parking rates.
So if it has a bad day, month, year, of rents, it will charge the city for the utilization it expects it should have had, at the prices that it set, gaurenteed for 75 years.
They made back their money from the purchase in like 6-8 years or something dumb, and now it's just pure pure profit.
Geniune question. Who polices the meters? Assuming it's still local municipal based, then what's to say they stop policing it. Even if it costs 1000 day, but they stop policing it and force people to pay at the meters then they get nothing.
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u/temp4anon 16d ago
It's a lot worse than this. There is a video I saw on it a year ago.
It was a deal that was hyper rushed by the city to raise quick cash and it was actually with an investment bank... I think... It was J.P Morgan but I can't remember exactly.
Basically the bank get's the right to charge the city for usage it thinks it should have, and can set it's own parking rates.
So if it has a bad day, month, year, of rents, it will charge the city for the utilization it expects it should have had, at the prices that it set, gaurenteed for 75 years.
They made back their money from the purchase in like 6-8 years or something dumb, and now it's just pure pure profit.