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Chicago Doesn’t Own Its Own Stre… — Climate Town shadowing | TryShadowing
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Climate Town
Chicago Doesn’t Own Its Own Streets | Climate Town
Chicago Doesn’t Own Its Own Streets | Climate Town
Climate Town
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31:41 · Oct 30, 2023
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ah
Chicago
the
summers
are
hotter
than
the
surface
of
the
Sun
and
the
Translating…
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1
/701
0:00
ah Chicago the summers are hotter than the surface of the Sun and the
0:04
winters are so cold they're a violation of the Geneva Convention
0:07
but for one or two days in the fall
0:10
it's actually pretty tolerable
0:12
the thing is if I was to step
0:14
here I'm no longer in Chicago
0:17
I've officially entered the domain
0:18
of Morgan Stanley and the Amir of Abu Dhabi
0:22
that's right in 2008
0:24
Chicago sold its streets
0:25
to Morgan Stanley and a handful of investors
0:28
for $1.57 billion more specifically
0:32
they sold a 75-year
0:34
lease on the city's
0:35
36,000 parking meters and their respective parking spaces
0:38
and until the year
0:40
2084 the people of Chicago will pay a private company
0:43
anytime they want to park at a meter
0:46
that's right 2084 which means
0:48
the Bears might win the Super Bowl before Chicago
0:51
is allowed to decide what it does with its own parking meters
0:55
it's okay I can say that I was born here
0:57
hell can you turn over
0:59
here and aside from Chicago
1:05
under charging Morgan Stanley and Friends
1:07
by billions of dollars
1:09
Chicago gave up something even more important
1:12
control of their streets
1:14
anytime Chicago wants to have a parade or do road work or take a
1:17
meter offline for any reason
1:19
the citizens of Chicago
1:21
have to pay Morgan Stanley
1:22
back for their supposedly
1:24
lost revenue in 2012
1:26
alone the bill was $
1:28
31.5 million which by the way was more than Chicago was making from all
1:34
36,000 M combined before they sold them to Morgan Stanley
1:39
and in a time when using our resources
1:41
efficiently is so important
1:43
and making our cities more human Centric
1:45
is so popular the people of Chicago
1:47
have found themselves locked into a parking meter deal
1:50
that will prioritize expensive
1:52
polluting car Centric infrastructure
1:54
for three generations and to help me get a sense of exactly how badly
1:58
the people of Chicago got boned in this deal
2:01
I'm going straight to the top with Matt Parker from the YouTube channel standup
2:04
Maps I'm very pleased to be here thank you for being here I've now
2:07
embrace the Chicago life it looks great on you thank you
2:10
now uh Matt's one of the best science and math communicators
2:14
I've ever met so he's going to help take us through the math part
2:16
a little bit we don't actually need you for like probably 5
2:20
minutes I got to do some context and then smash to an intro and
2:24
that kind of thing but you can read
2:26
this here this is a bad situation
2:31
but maybe there's something we can do about it perfect
2:34
hi I'm Raley Williams
2:35
a guy with a climate science and policy degree
2:37
and a secret shameful
2:39
appreciation for ketchup on hot dogs
2:42
and this is a video about the time Chicago
2:44
sold its streets to Morgan Stanley
2:46
welcome to climate the year was
3:03
2008 Breaking Bad just came out get off the toilet Michael Phelps just won
3:07
eight gold medals at the
3:11
Olympics and America was entranced
3:13
by the Meandering nonsense of Jason
3:21
morz it was a simpler
3:23
time but it was about to get hit by a financial
3:26
crisis don't ask me which country started it
3:29
I don't no let me take you there through the artart of voice over
3:33
last time on Chicago
3:35
with the recession looming
3:37
the windy city needed to find some cash to plug a $150
3:40
million sized hole in their City budget
3:43
they could raise property taxes
3:45
but Democratic mayor Richard M da knew that that wouldn't be a very popular
3:49
idea with the voters
3:51
instead he opted for a novel solution
3:53
they'd sell off the city's
3:55
36,000 parking meters to the highest bidder
3:58
what was was he
4:00
thinking and while we know it was a trash can of an idea in
4:04
hindsight at the time it wasn't quite so obvious
4:08
see Chicago had previously
4:09
privatized things like janitorial
4:11
services tax collection and parking garages
4:14
in deals known as public
4:16
private Partnerships and the results
4:19
had been vaguely positive
4:21
see cities have limited resources
4:23
and Manpower and sometimes Outsourcing
4:25
a job like Street resurfacing
4:27
to a private company that already has a Steamroller
4:30
and a truck full of yellow paintt makes a lot more sense than the
4:33
city of Chicago buying a bunch of new equipment and doing it themselves
4:36
so Chicago put their meters up for sale in the form of a 75-year
4:40
lease Morgan Stanley crunched some numbers
4:43
and decided to offer the city 1
4:45
billion1 th000 now a billion
4:51
dollar is very cool
4:53
and since the majority of Chicago's
4:55
meters were still charging
4:57
25 to 50 cents an hour they weren't w't exactly a money-making
5:00
Enterprise for this city at the time of the deal the entire fleet of
5:05
36,000 parking meters was making just $20
5:08
million a year for
5:10
Chicago now you athletes out there might be saying
5:14
hey isn't 20 million time 75
5:16
years $1.5 billion now that is technically
5:20
true you dorks but getting a billion
5:23
dollars up front would allow Chicago
5:26
to fix their budget mayor Dy could score some political points by keeping property
5:30
taxes low and they could invest the rest in the market
5:33
so they could save some of that cash for a rainy day
5:36
talk about opening the door to a bright
5:39
future oh Morgan Stanley was willing to part with a billion dollars UPF front
5:44
by getting some co-signers
5:46
on board including the Amir of Abu Dhabi
5:48
and they plan to make their money back
5:50
by just jacking up the meter prices
5:53
plus one or two tiny little details in the contract
5:56
that I'm sure won't come up in this episode about how Chicago got totally
6:00
screwed by Morgan Stanley
6:02
anyway Morgan Stanley the city of Chicago
6:05
and the consulting firm William Blair hammered out the rest of the terms
6:09
and then gave the city council
6:10
two days to read through and approve the 150
6:14
page contract when some City Council Members protested
6:17
they were reminded that they had already
6:19
passed the city's 2009
6:21
budget that already included
6:23
$150 million from the meter deal and that any third-party
6:27
audit of the deal or any
6:29
could put the city at risk
6:31
this is a very
6:32
difficult vote I don't want it to happen
6:35
the budget is a difficult vote after only 24
6:38
hours of review the city council approved the contract
6:42
40 votes to five
6:44
ordinances passed and so the deal went through
6:46
and when the dust had settled
6:48
one thing became abundantly
6:50
clear Chicago had beefed it
6:53
oh God did they beef it they beefed it so bad and like
6:58
of course they did
6:59
it's Morgan Stanley you think you're going to beat Morgan
7:02
Stanley at money hey here's a crazy tip anytime an investment banking company
7:07
is super psyched about a 75-year
7:10
deal they're about to do with you
7:12
don't take the deal baby
7:14
come on you're not going to beat them at money
7:17
in fact the consulting
7:18
company that was hammering out the deal on behalf of Chicago
7:21
was also working with Morgan
7:23
Stanley on other deals
7:25
and hot diggity dog did Chicago get taken for a ride when Morgan Stanley
7:30
came in they quadrupled
7:31
the meter prices extended the amount of times meters would be active
7:35
and reduced the amount of time you could park to Just 2
7:39
hours that Train's going to Harlem
7:42
that's going to be a long
7:45
ride and then there were the true up payments that Chicago
7:49
had to pay back to Morgan Stanley
7:52
oh yeah remember those details
7:53
we were talking about earlier
7:54
well one of the most Insidious
7:56
parts of the meter deal was that Morgan Stanley was basically
7:59
guaranteed Revenue see Morgan Stanley had the power to jack up the hourly rates
8:03
on the meters but Chicago officials had been promised that they could make adjustments
8:07
if their constituents got too angry
8:09
but Chicago would have to make up the difference in annual payments
8:12
back to Morgan Stanley
8:14
want to close off a road for construction
8:16
the city has to reimburse
8:17
the parking meter company
8:19
for any Revenue lost
8:21
because of road construction
8:23
that blocks parking at one of its meters
8:25
planning a parade that goes through downtown
8:27
by contract those parking meters have to keep running
8:31
to make sure that this company is making money want to remove a space
8:34
closest to the crosswalk
8:35
so cars can see pedestrians
8:36
who are trying to cross the street
8:38
why why are you doing this
8:39
why are you even thinking
8:41
this way for practically
8:42
any changes to the meter status quo Chicago
8:45
had to pay they had the option of adding new meters in comparable
8:48
spots to offset the cost but in a city that already has 36,000
8:52
MERS there simply aren't a lot of new comparable
8:55
areas to put extra meters
8:57
Chicago also had to pay Morgan St Stanley anytime more than 6%
9:01
of people parked at the meters
9:02
had disabled placards see in the state of Illinois
9:05
people can park for free with a disabled placard
9:08
seems reasonable but now that Morgan Stanley jacked up the meter rates and extended
9:12
the hours of operation and paid parking
9:14
more and more people were either getting counterfeit
9:16
placards from their friends who knew Photoshop
9:18
or getting them legally through their doctor
9:20
in the first 5 years of operation
9:22
Morgan Stanley built Chicago
9:24
$ 75.4 million for their supposedly
9:28
lost Revenue due to disabled placards
9:30
cool stuff and between the true up payments
9:33
and the increased meter prices
9:35
Morgan Stanley made a killing
9:37
by 2019 just 10 years after they signed the deal
9:40
they had already made their billion dollars back plus an additional
9:44
$500 million as of now Morgan Stanley is looking at 60
9:48
years of payments from the citizens of Chicago
9:51
I mean that money could be going to city infrastructure
9:53
but instead it's going to what I can only assume is a very happy
9:56
yacht salesman and in case you were Wonder wondering
9:59
Chicago did not save their meter deal money to collect interest for a rainy
10:03
day City officials spent almost all of the rainy day fund
10:07
by the year 2011
10:10
and to top it all off
10:12
one year after the ink was dry on the contract
10:14
the Chicago Inspector General released a report that concluded that the meter deal was
10:18
worth at minimum $2
10:20
billion and probably something more like $
10:24
3.53 billion and if your keeping score at home that's between two
10:28
and and three times what Chicago
10:30
actually got paid and that was a conservative
10:34
estimate Morgan Stanley internally
10:36
valued the deal at like
10:38
$99.58 billion which is eight times more than Chicago
10:43
got don't take the deal
10:45
they're Bankers okay they make predatory
10:48
music labels look like Doctors Without Borders
10:51
don't take the deal
10:52
don't take the okay we could sit here and play Monday morning hot dog
10:56
salesman on the Chicago meter deal all
10:59
day but the multi-billion
11:00
dollar mistake that Chicago
11:02
made can be summed up in Just Two Words
11:04
the discount rate that is three words just discount
11:08
rate discount rate and I know what you're feeling
11:12
you're starting to tune me out
11:13
that is the correct reaction
11:15
I am not the man to tell you about discount rate the man for
11:18
that job is Matt Parker from standup maths thanks for standing right there my
11:22
pleasure I got us two hot dogs
11:24
for you actually and one is hot dog now great and this one is
11:28
hot dog later if you pay money
11:30
now you eat this hot dog now and I'm hungry now yeah yeah you
11:32
want this one yeah of course but if you have to pay money now
11:35
and you eat this hot dog later
11:37
you're not going to want to pay as much that's right you don't want
11:39
hot dog later I pay you
11:40
$100 for this hot dog now that feels inflated
11:43
but only 50 for that H okay now you're just making numbers up that's
11:47
right clearly Chicago wouldn't just do that they would calculate
11:51
the discount rate which is the exact percentage
11:54
that you would need to reduce the value of hot dog later
11:57
to be comparable to hot
11:59
now okay and calculating
12:01
that is super interesting
12:02
but traditionally I would use like a like a whiteboard some spreadsheets
12:06
really like I'll show you their working out
12:08
oh yeah well I mean this is an episode of climat toown baby we
12:11
don't have that stuff here
12:13
cuz we forgot to bring
12:15
yeah but you can just
12:16
turn hard in any direction
12:18
and we'll edit it in and it'll look like we planned it I'm just
12:21
somewhere else anywhere else I can be at home anywhere you want to be
12:24
I'm doing it have the hot dog sure let's
12:27
roll hey hey right
12:30
okay so um the discount
12:33
rate is the exact
12:35
mathematical percentage that you'd have to increase
12:38
the amount of money by
12:40
so that money in a year is equivalent
12:42
to money now so if I had two $100
12:45
bills that's a bit better
12:47
and I say you can have this one now this one in a year
12:50
you want the one now but what if I grab some quarters
12:52
right I start adding
12:54
money to this side
12:55
it's now gone up by a percent
12:57
it's $101 is that equivalent
13:00
$101 in a year to $100
13:02
right now first of all we have to factor in inflation
13:05
because money in the future is just literally
13:07
worth less and the Chicago
13:09
Inspector General in the report
13:11
said that a 3%
13:13
rate for inflation is reasonable
13:16
so $100 now is equivalent to $103
13:20
in a year's time
13:21
just because of inflation
13:22
secondly you got to factor in the cost of borrowing
13:24
the money so if the city of Chicago
13:26
decided after all we do need the money now now
13:29
and they hadn't taken the deal
13:30
they're going to have to borrow and that cost money although less than it
13:33
would for you or I
13:36
governments can borrow money
13:37
very cheaply and the Inspector General averaged
13:40
the cost of borrowing
13:42
for the city of Chicago
13:43
for the 5 years prior to the deal
13:45
and said that on average it would cost them
13:49
2.19% per year to borrow money we multiply them together to get their combined
13:54
impact and it equals
14:00
557 which means we can switch that back to being a percentage
14:06
5.26% that is the discount
14:08
rate as far as the city of Chicago is concerned
14:11
to factor in inflation
14:13
and the cost of borrowing at this point it's important to realize
14:16
the higher this value ends up being the bigger the discount rate
14:21
the smaller the value will be so the smaller the overall
14:25
price and so actually
14:26
it's in the city of Chicago's in interest to keep the discount rate as
14:29
low as possible and it's in the party buying
14:33
their interest to make it as big as possible
14:35
and so they want to add on some factor
14:37
to incorporate the risk they're taking on
14:40
that's actually an extra
14:43
1.8% risk to factor in
14:46
that maybe they won't earn as much as it's predicted to be and so
14:49
that gives you uh add in this case you just add them together and
14:52
you end up with
14:55
7.06% total discount rate although
14:58
the Inspector General then did round that to just be a nice neat
15:05
7% so how does
15:07
this final value of 7%
15:09
compare to what actually happened
15:11
in the deal well the Chicago Inspector General
15:14
made a table big fan
15:16
because you got to factor in
15:17
that the discount rate
15:19
is guesswork and the predicted revenue
15:22
is guess works so you want to look at a few different scenarios
15:25
to see what some plausible
15:26
future options are and here
15:28
they've got five different
15:30
possible future revenues the expected amount
15:32
and then they go one and two degre
15:35
of optimistic up from there cuz you never know might be incredible they also
15:38
go down two steps
15:39
pessimistic and very pessimistic
15:42
and then right in the middle
15:43
they've got the 7%
15:45
discount rate they also include eight and nine
15:48
and those are higher discount rates which means the overall price has gone down
15:52
and they include just for completeness
15:54
six and five so we've now got 25
15:57
different possibilities and the most likely one overall
16:00
is right in the middle
16:02
and I guess that's the one
16:03
the city of CH no no
16:06
uh right in the corner
16:07
the only way you can justify
16:09
the 1.16 billion price tag
16:13
is if you use a discount rate of
16:15
9% which is I mean
16:17
I would say way too high
16:19
that seems to be what the report says
16:21
and you use the
16:22
very pessimistic future modeling in all other scenarios
16:26
that is desperately undervalued
16:28
the what the parking meters are actually worth
16:31
and so we can say pretty conclusively
16:32
have undervalued what their 75e
16:35
contract is worth and why 75
16:39
years would a shorter term have been better value for the city of Chicago
16:43
well check out this plot from the report
16:46
so nice this is showing that the greater your distance into the future
16:50
the you mean the more worthless the money is now I mean money 75
16:54
years from now is practically worthless
16:56
now so they show
16:58
if you did half the term
17:00
37 years you still could have got
17:03
1.08 billion for the half
17:06
length contract that's 93%
17:09
of the value if they just needed a billion dollars
17:11
why do 75 years
17:13
when 37 years is more than enough there you have it so that is
17:16
how you can calculate a discount rate to calculate how much money you should
17:19
demand now in lie
17:21
of getting money later
17:23
so I'm gonna head back over to Chicago
17:25
I guess I've got a
17:27
like h i don't
17:28
I don't fully understand how this works
17:31
but I suspect I've got to be holding
17:33
the fish and chips again
17:35
right then I just oh if I lose some is that going to make
17:39
a difference hang on let me just let me get these
17:42
wait wait wait okay okay okay I'm ready
17:45
here we go done
17:48
wow that was great I mean I assume obviously we haven't done it yet
17:50
it's future mat's problem yeah and that but that guy hey he's all over
17:53
it he's doing a great job well thank you so much you're officially relased
17:56
I'm about to go yeah yeah yeah excellent you do have to slam these
17:59
two dogs or you can give it to that
18:03
seagull thanks Matt but like
18:05
so what right I mean why should we care about this my dad grew
18:09
up in Chicago and he's got a phrase
18:11
tough beans hard cheese better luck next time
18:14
I don't love that phrase
18:15
but it kind of makes sense
18:17
why should we give a single honk about what Chicago
18:20
did it's because every city in America
18:22
has the potential to make their own version of the shitty meter deal and
18:26
there are some really important things we can learn
18:28
to steer ourselves away from this kind of flaming
18:31
car wreck of a contract
18:32
in the future for starters
18:35
we have been boning
18:36
ourselves for years when it comes to parking
18:39
if you watched my last video about parking first of all thank you so
18:42
much oh my God thanks for watching
18:43
but second of all you'll know that parking is effectively
18:46
an enormous subsidy to car owners
18:49
basically by the 1940s
18:50
and 50s America's obsession with cars became a sort of catastrophic
18:54
horniness that put Millions upon millions of new cars onto the streets
18:58
those cars understandably clogged the ever living
19:01
out of the roads
19:02
city planners decided that a lack of parking was behind all this new traffic
19:06
so they promptly passed a bunch of laws called minimum
19:09
parking requirements which forced
19:11
developers to overbuild parking spaces to fit all the millions of cars we were
19:15
cranking out the cost to build and maintain
19:17
all that free parking
19:19
is just added to housing or groceries
19:21
or tuition or Etc
19:23
which means people without cars
19:25
are subsidizing all that parking
19:27
for people with cars
19:29
in a city this often takes the form of non-car
19:32
owners paying through the nose and taxes
19:34
for parking spaces that they will never use those spaces are often used by
19:38
drivers who avoid the city's taxes
19:40
by living in the suburbs
19:42
but drive into town to check out that cool new mural everyone is instagramming
19:50
about you see for 70 years we built our cities and towns to cater
19:54
to the every whim of the automobile
19:57
and seven decades of car Centric urban planning
20:00
have turned basically every American
20:02
city this now normally
20:11
parking meters are a much better deal for a city's inhabitants
20:14
than free parking which makes perfect sense
20:17
car owners want to store their personal
20:20
property on public land
20:22
parking meters are a great way for a city's taxpayers
20:25
to rent their land out by the hour to car owners who want to
20:29
use it and in an ideal world
20:31
that money then gets used for things like public transportation
20:34
or bike infrastructure or something that the people of the city can use
20:38
in the case of the Chicago meters
20:40
every time someone rents that Prime City real estate
20:43
they give their money to a
20:47
bank and yes Morgan Stanley and Company quadrupled
20:51
the rates on meters over the first few years of managing
20:53
them parking meter rates have gone up again making downtown rates the highest in
20:57
the country Downtown parking meter rates went up and by the end of the
21:01
month they'll be up all across the city
21:04
$6.50 per hour but I'm not even really mad about that part
21:08
I mean this is
21:09
100 square ft of prime Chicago real estate
21:12
per parking spot you shouldn't really be able to rent it for a couple
21:16
of bucks an hour
21:17
that is a deeply
21:18
subsidized price for the land
21:20
we all just accept it cuz that's the way it's always been
21:24
and as the years since the 2008 meter deal have slowly ticked by people
21:28
all across America are waking up to the fact that car Centric urban planning
21:32
is just not that fun to you know
21:35
exist in over 80%
21:37
of the US population
21:38
lives in urban areas
21:40
and since transportation is one of the largest sources of emissions
21:43
making our Ci's more pedestrian
21:45
friendly is both better for people
21:47
and one of the best ways to combat climate change clawing back cities from
21:50
cars and deworming America's
21:52
Collective car brain is a Monumental
21:55
task for any City
21:57
but in Chicago case they also have to contend with Morgan Stanley
22:01
forcing the city to maintain their car Centric infrastructure
22:04
cuz they have a contract
22:06
that says they are guaranteed
22:07
to make money off of it in 2020
22:09
when the co pandemic forced everybody outside
22:12
cities let restaurants and businesses
22:14
spill out into the streets and an amazing
22:16
thing happened people liked it open streets programs took off Across the Nation and
22:21
their overwhelming popularity led many mayors to make the changes permanent
22:25
it was one of the most incredible
22:27
moments in urban design history
22:29
and Chicago was no exception
22:31
they had their open streets in 2020
22:33
the public obviously loved them but unlike other cities
22:36
Chicago would have to pay through the nose to make them permanent
22:40
because they didn't functionally
22:41
own their own streets
22:42
in 2020 alone Chicago had to pay $6.25
22:46
million in trup payments to Morgan Stanley
22:49
for their street closures
22:50
during the pandemic which sounds like something you would write in a movie about
22:55
evil bankers and then people would see it and be like
22:58
come on no one would actually charge
23:00
to let small business owners
23:02
sell food to desperate people
23:04
outside but in fact dear readers
23:07
they did so while most cities are free to adjust their traffic patterns and
23:12
parking infrastructure as they wish
23:13
Chicago is hit with a bill
23:15
anytime they make even a minor change
23:18
and yes this inability
23:19
to adapt to the Future
23:21
has some very negative climate implications
23:23
for one Chicago is limited in its ability to improve its bus lines
23:27
because meters require that Prime curbside
23:30
real estate be devoted to parked cars
23:32
the Chicago Transit Authority planned out a network of 20
23:35
bus Rapid Transit lines
23:37
that would reduce traffic by making what was once a mandatory
23:40
car trip into a fast and easy bus ride while implementing
23:44
the first bus Rapid Transit line however they discovered they didn't have enough spaces
23:48
to replace meters that would need to be taken out of service to run
23:51
the other bus lines and the meter deal effectively
23:53
blocked Chicago from completing their public transportation
23:57
project it's also creating problems for vehicle
24:00
electrification the inflation reduction act provides funds for municipalities
24:04
to add electric vehicle Chargers
24:06
but adding Chargers means removing a metered spot
24:09
which is going to cause whatever the opposite of a solution
24:11
is when America's pushed to Electrify
24:13
all of our vehicles
24:15
bumps up against Morgan Stanley's
24:16
strangle hold on the parking spaces
24:19
and their 2hour maximum
24:20
parking limit the Chicago
24:22
Department of Transportation is also trying to limit street parking
24:26
during rush hour as a way to minimize
24:29
congestion during high traffic
24:32
time but the true up costs for the lost meter time
24:36
is complicating what should be a straightforward
24:38
traffic policy and what about all those pedestrian
24:41
Parks Chicago had planned
24:43
what about the plan to remove parking spaces to install a protected bike lane
24:47
or how about that plan to plant and maintain trees
24:50
that provide a cooling effect in the event that there's some kind of I
24:53
don't know warming that affects the globe
24:56
why do you think Chicago
24:57
was unable able to implement
24:58
any of these plans
25:03
all right so the tldd
25:06
here is that locking a city into a predatory
25:08
contract that hamstrings its ability to improve the lives of its citizens
25:13
so a private company can make money
25:15
is so super uncool
25:17
you guys now I'm not saying that all public private Partnerships
25:20
are bad but when a city makes a deal of this kind it should
25:24
probably be in service of the city's residents
25:26
be open and honor
25:27
about the terms of the contract
25:29
and have an exit strategy
25:31
in case your impressionable
25:32
young mayor gets hornswaggled
25:33
harder than a naive country western musician in the
25:36
1930s and just to throw it out there you should probably have some kind
25:40
of third party take a peek at your term sheet
25:43
before entering into a 75-year
25:45
commitment that gives away control of an incredibly
25:48
important city asset and to Chicago's
25:51
credit they're working on it they keep sending bills assuming that I'm going to
25:54
do the same old same old and pay him and I'm not I'm not
25:57
going to pay until I get a complete audit of the books so far
25:59
they've been unable to nullify
26:01
the deal but in 2013
26:02
under mayor Ram Emanuel
26:04
they were able to renegotiate
26:05
the true up payments to allow the city to calculate the damages
26:08
instead of letting Morgan Stanley
26:10
tell them how much they owed
26:12
amazingly this saved Chicago
26:14
millions of dollars every year
26:16
and despite being completely ripped off by the meter deal
26:19
Chicago has worked very hard to scale up their human Centric City Planning
26:23
the bottom line here is that we seem to have exited the
26:26
around time and have arrived squarely
26:29
in the find out era
26:31
we are finding out that cities need to be able to make important climate
26:34
decisions that benefit their citizens
26:36
without having to negotiate
26:37
with a for-profit business
26:39
we're finding out how effective Urban living can be when oriented around people
26:43
and how hilariously inefficient
26:45
it is when it caters to cars and bankers
26:47
and if you'd like to find out what in the Sam Hill you personally
26:51
can do to help mitigate
26:52
some of the damage that's on the way
26:54
look no further than your local city council
26:57
you you see the meter deal had to be voted on by elected officials
27:00
and elected officials have to be
27:03
elected and official but elected is the sort of critical word here and voting
27:07
for politicians who are fully committed to human Centric infrastructure
27:11
is a great first step you can also just go to City Council meetings
27:15
and follow up in person
27:16
you can contact your local representatives
27:18
and let them know that you're in favor of prioritizing
27:21
open streets and public transportation
27:23
and if you're into parking reform you can watch our other video about parking
27:26
which I'm isn't oh my God 31
27:30
minutes wow okay well maybe just skip to this part in the timeline
27:34
and then you can follow the steps detailed in the Playbook that we created
27:37
with our friends over at climate change makers Link in the bio and if
27:41
you've already seen both videos
27:43
you hear that sound
27:44
that means you win you've officially learned
27:47
more than you ever wanted to about parking
27:50
and you have only yourself to blame
27:52
and if you're still not ready to stop learning today
27:55
then I humbly invite you to head on over to nebula
27:59
where you can uncork
28:00
a limitless wealth of content including a deep dive by City beautiful
28:04
all about how the boulevards
28:05
of Paris are largely
28:06
responsible for that Parisian
28:08
junqua that no one seems to be able to describe or Express
28:12
it's a nebula original
28:13
that really helps give you a sense of what a city could look like
28:16
if it wasn't quite so focused on making sure cars have a nice comfy
28:20
place to hang out
28:21
247 you can also catch early
28:24
adree episodes of climate town on nebula
28:27
that's that's right if you're watching this video on nebula
28:29
you're not seeing this ad and you are 30 seconds ahead of where you
28:33
are right now imagine
28:35
the goofy sliding doors kind of moment you could be having
28:38
maybe you fall in love with a rich
28:42
Duke cookie anyway nebula
28:45
is a very cool AdFree
28:46
streaming service with tons of exclusive and highquality
28:49
content that you can get access to
28:51
right now for just
28:53
$2.50 a month when you use the 40%
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off discount code Link in the description
28:59
now that's a deal
29:00
and it also has the added benefit
29:02
of supporting climate Town directly
29:04
and I know this is a bit of a conflict of interest
29:07
but I just think that would be a really cool thing for somebody to
29:10
do and that's the end of the episode
29:13
you made it to the end
29:14
first of all the biggest thank you to Henry grabar
29:17
and Donald shup for their books paved paradise
29:20
and the high cost of free parking
29:22
they were incredibly important to making this video and the other parking video we
29:26
made buy their books you will not be disappointed
29:30
also a million thank yous to Matt Nicole and Alex from the YouTube channel
29:34
standup maths they couldn't be here today
29:37
because they live several time zones in the future
29:40
think about the sliding doors moments
29:41
there but we actually did a two-parter
29:44
this is part one of a two-parter
29:45
and the second part is over on the standup maths Channel and it's got
29:49
all the math from the parking meter deal and even some of the maths
29:53
whatever that is you can check it out Link in the description
29:56
and finally thank you so much much for watching if you've enjoyed what you've
29:59
seen feel free to like And subscribe
30:01
or leave me a little comment
30:02
you know I'll read it
30:04
but if you really
30:05
like the channel you can subscribe to our patreon
30:07
page where for like five bucks a month you get access to deleted scenes
30:12
behindth scenes content just the stuff that wasn't good enough to be free
30:16
oh yeah now we're talking
30:18
you want some more free
30:20
I have an embarrassing
30:21
amount of free it almost
30:23
implies a lack of confidence in my own product we have a podcast
30:27
called the climate deniers Playbook
30:29
that features me and my friend Nicole Conlin who's a writer Over The Daily
30:32
Show we break down climate myths their origin stories who benefits from them
30:37
and more importantly why they're wrong
30:39
we also have a newsletter
30:40
that we do every time we release an episode that's got all the extra
30:43
little tidbits that didn't quite cram
30:45
into this episode we also have a Discord server where you can go and
30:48
talk to other climate heads we even added a climate Town knowledge Hub where
30:52
you can find more climate related resources and info
30:55
than doctors recommend and if none of of that sounds interesting to you
30:58
just go outside and take a big breath of fresh air
31:03
cuz last time I checked in America
31:05
that's still free until
31:08
Starbucks presents Tesla on
31:10
gets their greasy Ms on it
31:13
okay thanks for watching
31:14
I'll see you later
31:15
I have not tried
31:17
marijuana uh I have never used it at any is off
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