Citi Bike: Immensely popular but not profitable - My9 New Jersey

Could prices increase?

Citi Bike: Immensely popular but not profitable

Posted: Updated:

The Citi Bike program is a successful one, exceeding expectations with 98,000 yearly memberships and all customers logging 6.7 million miles. But Citi Bike is not making a profit. Initially funded with $40 million from Citibank, the company running Citi Bike may have to raise rates to cover costs.

Right now, $95 pays for a yearly membership of an unlimited number of 45-minute rides.

NYC Bike Share says it no plans to raise rates now. But for now is not spring. And spring is when Citi Bikes will be out in force again. New York City Commissioner of Transportation Polly Trottenberg has said Citi Bike needs more money to operate.

Council Member Ydanis Rodriquez heads the Transportation Committee of the City Council, which oversees the Department of Transportation. He wants to review the entire Citi Bike revenue package approved under Mayor Bloomberg before making a final decision on rate hikes or the city using taxpayer money to expand the successful program to other boroughs. Rodriguez also notes Citi Bikes are rolling advertisements for Citibank so that Citibank should be one prime source of continued funding.

  • Manhattan NewsManhattan NewsMore>>

  • 2 U.S. marshals, 1 NYPD detective wounded; fugitive killed in Manhattan

    2 U.S. marshals, 1 NYPD detective wounded; fugitive killed in Manhattan

    Tuesday, July 29 2014 8:27 AM EDT2014-07-29 12:27:36 GMT
    Two deputy U.S. marshals and an NYPD detective are expected to recover after they were seriously wounded in a shootout with a fugitive sexual assault suspect in the West Village in Manhattan, officials said. The shootout happened in smoke shop called Smoking Culture on West 4th Street near Jones Street.


    Two deputy U.S. marshals and an NYPD detective are expected to recover after they were seriously wounded in a shootout with a fugitive sexual assault suspect in the West Village in Manhattan, officials said. The shootout happened in smoke shop called Smoking Culture on West 4th Street near Jones Street.

  • NYC woman finds wedding dress lost after Sandy

    NYC woman finds wedding dress lost after Sandy

    When a New York City dry cleaners was destroyed by Superstorm Sandy, the only item to survive was Nicole Pagliaro's wedding dress. But her name was lost to owner Hector Pacheco, who reopened after more than a year and in a new location. Pagliaro had brought the dress to him after her 2012 wedding. When the storm swamped and shuttered the Staten Island store, she assumed it was lost. But two weeks ago, she took a different route to work and spotted it in the window.
    When a New York City dry cleaners was destroyed by Superstorm Sandy, the only item to survive was Nicole Pagliaro's wedding dress. But her name was lost to owner Hector Pacheco, who reopened after more than a year and in a new location. Pagliaro had brought the dress to him after her 2012 wedding. When the storm swamped and shuttered the Staten Island store, she assumed it was lost. But two weeks ago, she took a different route to work and spotted it in the window.
  • Earlier start to school day for hundreds of NYC schools

    Earlier start to school day for hundreds of NYC schools

    Tuesday, July 29 2014 7:45 AM EDT2014-07-29 11:45:37 GMT
    The school day will reportedly start earlier for students and staff of more than 450 schools in New York City starting in September. NYC Department of Education told the NY Daily News that the change in time is in compliance with the new union contract. It will allow for extra time after school for teacher training and parent-teacher conferences. 
    The school day will reportedly start earlier for students and staff of more than 450 schools in New York City starting in September. NYC Department of Education told the NY Daily News that the change in time is in compliance with the new union contract. It will allow for extra time after school for teacher training and parent-teacher conferences. 
Powered by WorldNow
Didn't find what you were looking for?
All content © Copyright 2000 - 2014 Fox Television Stations, Inc. and Worldnow. All Rights Reserved.
Privacy Policy | Terms of Service | Ad Choices