Public Values

What happens when a city leases public assets to private investors?

Owners have more latitude to raise prices.

The price to drive across the Chicago Skyway has risen 50 percent since privatizationby Susan Chandler, Chicago Tribune

September 7, 2008 — The price to park your car for an hour in the Millennium Park Garage has risen 31 percent, to $17, since the garage was leased to Morgan Stanley in 2006.

The cost to drive an auto across the Chicago Skyway is now 50 percent higher than it was in 2004, when Australian and Spanish investors paid $1.83 billion for a 99-year lease.

Could an $8 airport pretzel be next? How about a $10 luggage cart?

Those are real questions facing consumers as the city moves ahead on a landmark plan to lease Midway Airport to private operators. . .

Privatization vs. Public Values Frame
  Profit-driven pricing / Equitable, fair and reasonable cost recovery

Links and sources
  You pay a lot more, by Susan Chandler, Chicago Tribune, September 7, 2008

Posted: September 09, 2008

Categories:
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  Voices of privatization

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