The rates will soon go up for people parking in the city. Electric pay boxes will begin charging $5 an hour in the downtown area, up from $4.25.And it will cost $3 an hour to park on streets outside the downtown area. The rate increase will go into effect Jan. 1. As part of the controversial deal to lease the parking meters, LAZ Parking were given permission to increase rates every year for the first five years of the arrangement.
(Source.)
This is a nice New Year’s reminder that everyone who voted for this is an incompetent buffoon.
The more the rates go up — the worse this deal is for the city.
It’s just that simple. Not one person did the math on this. My belief is that not one — not a single alderman — understands the concept of time value of money.