Every Chicago Parking Payment Goes to Abu Dhabi, Speaker Says
A reported 75-year lease traded decades of meter revenue for quick cash to cover debts.
Peter Santenello · America's Most Corrupt City - Chicago 🇺🇸A Chicago speaker says money fed into city meters flows straight to Abu Dhabi and never reaches municipal accounts.
In 2008, Mayor Richard Daley Jr., son of longtime Mayor Richard Daley, reportedly created a 75-year lease for the meters. The speaker said he believes the lease was sold to Morgan Stanley and then immediately transferred to Abu Dhabi, giving City Hall quick cash to cover debts.
He cited studies by the city's watchdog office and, he said he thinks, another scholarly group. He said the lease was probably sold for about $1 billion less than market value, and the city has probably lost $2 billion to $3 billion in revenue so far.
He said a reported term of the deal requires Chicago to pay an absurd amount for each parking space it removes, so taking out even a few spaces for a bike lane or pedestrian zone becomes costly.
Questions people ask
Why would Chicago give up 75 years of parking revenue?
City Hall needed quick cash to cover budget gaps and debts. A 75-year lease produced a large lump sum upfront, while the city gave up the smaller but steady stream of meter revenue it would have collected over decades.
How much time is left on the lease?
The lease was signed in 2008 for 75 years, so it runs to 2083. That leaves about 57 years in place as of 2026, meaning more than two generations of drivers will pay under terms set in 2008.
Why does removing parking spaces cost the city money?
According to the speaker, the deal includes a penalty the city must pay for each metered space it removes. That means removing even a few spaces to build a bike lane or pedestrian zone can become costly for taxpayers.