I experienced that transition. Among other results was that after the parking meters were sold the new owners changed the parking rules. Instead of meters becoming free after 6pm, or 9pm, in many neighborhoods near restaurants or theaters and clubs the parking meters are active 24 hrs. Also rates quadrupled in some locations. Also, if a neighborhood wanted to close a street for a block party, the company claimed it would lose revenue and needed to be compensated.
To be fair to the city, its need for revenue is so dire it is selling off the furniture, so to speak. There is a reason for the budget crunch: it can't bring in enough money via property taxes, which are pretty much a flat tax. Trying to squeeze more with a higher rate gets a bit from the businesses and high-rises, but also really hurts the thousands of small single-family homeowners. The city needs more tax revenue, and the economically sound way, and morally correct approach, would be to draw revenue from incomes and properties in the surrounding suburbs Those areas are valuable precisely because they are close to the city, and would be worth zilch in the farmland beyond Springfield.
But that would require the state government to pass laws permitting it. Not happening there, and probably not in any state. But all cities have this problem, and all should at least institute progressive-rate property taxes, and progressive-rate income taxes. Illinois had a high-ish income tax at 5% from 2011-2014, but it was flat. It is now down to 3.75% (but may now include pension income).
The irony is rich, that in the world's wealthiest country, the grumpy tax resisters have ensured that we have crumbling roads and bridges, shoddy airports, slow internet, and so on. A progressive-rate income tax and property tax would restore needed revenues for local and federal government.