Chicago Mayor Brandon Johnson has officially decided not to pursue buying back the city’s parking meters, putting an end to months of speculation. According to CBS Chicago, the decision comes after city officials reviewed the financial implications and concluded that repurchasing the meters would come at a staggering cost, far exceeding what the city originally received in the 2008 deal.
The 75-year lease, often called one of the worst municipal finance deals in Chicago’s history, initially brought the city $1.15 billion. However, the private operator has long since recouped that investment, and buying back the meters now would require the city to take on substantial debt, likely forcing higher parking rates to cover the cost.
Mayor Johnson emphasized that he is unwilling to make a bad deal worse, choosing instead to focus city resources on programs that directly benefit residents. While some advocates had hoped the administration would attempt a buyback, Johnson’s team says the financial risk simply outweighs the potential reward.
Chicagoans can expect the meters to remain under private operation for the foreseeable future, while city leadership explores other ways to improve parking and public services without plunging into costly debt.
