A group of Chicagoans has initiated a class-action lawsuit against the company that has the lease on our parking meters:
Three Chicago drivers are suing Chicago Parking Meters, alleging the private company’s exclusive contract to operate street parking represents a “75-year monopoly” granted by the city.
The lawsuit, filed Wednesday in Chicago federal court, seeks class-action status on behalf of drivers who have fed the ubiquitous ParkChicago machines lining city streets, alleging the 75-year agreement has led to higher parking rates, too many meters and restrictions on alternative transportation such as bicycles and ride-sharing.
“The city of Chicago granted CPM, a private party, monopoly control over the city’s parking meter system for an astonishing 75-year-long period, without regard for the changes in technology and innovations in transportation taking place now and for the rest of the century,” the lawsuit alleges.
By the end of 2019, Chicago Parking Meters had already earned $500 million more than the $1.16 billion it paid the city 10 years earlier through increased parking rates, the lawsuit alleges.
As a member of the class, and a long-time critic of the deal, I would like them to succeed.