Citi Bike: Immensely popular but not profitable - FOX 35 News Orlando

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>>

  • Ultimate lemonade stand in Flatiron District

    Ultimate lemonade stand in Flatiron District

    Wednesday, August 20 2014 9:39 AM EDT2014-08-20 13:39:26 GMT
    When 826 NYC, a nonprofit organization that fosters creative writing skills, asked children ages 9-12 to dream up the ultimate lemonade stand, the responses were huge. The winning project of  The Great Lemonation Imagination Collaboration was turned into a real lemonade stand complete with free lemonade in Manhattan's Flatiron District. The organization's members were also required to help run the stand that went up at Broadway and 23rd Street on Wednesday.
    When 826 NYC, a nonprofit organization that fosters creative writing skills, asked children ages 9-12 to dream up the ultimate lemonade stand, the responses were huge. The winning project of  The Great Lemonation Imagination Collaboration was turned into a real lemonade stand complete with free lemonade in Manhattan's Flatiron District. The organization's members were also required to help run the stand that went up at Broadway and 23rd Street on Wednesday.
  • Times Square characters: we don't work for free

    Times Square characters: we don't work for free

    Wednesday, August 20 2014 9:02 AM EDT2014-08-20 13:02:47 GMT
    Times Square characters want to be taken seriously and want their tips. The mostly immigrant workers are now called the Association of Artists United for a Smile and are fighting to protect their jobs, in light of a recent crackdown. Jorge Duran says he stands around for hours, sweating inside a costume, and says it is annoying and unfair if he poses for a good picture and gets nothing.
    Times Square characters want to be taken seriously and want their tips. The mostly immigrant workers are now called the Association of Artists United for a Smile and are fighting to protect their jobs, in light of a recent crackdown. Jorge Duran says he stands around for hours, sweating inside a costume, and says it is annoying and unfair if he poses for a good picture and gets nothing.
  • Tyga calls for Empire State Building to go gold

    Tyga calls for Empire State Building to go gold

    Wednesday, August 20 2014 8:42 AM EDT2014-08-20 12:42:31 GMT
    The push to go gold for pediatric cancer has spread to the hip hop world. Popular rapper Tyga is joining those calling for the Empire State Building to light up for a good cause.
    The push to go gold for pediatric cancer has spread to the hip hop world. Popular rapper Tyga is joining those calling for the Empire State Building to light up for a good cause.
Powered by WorldNow

35 Skyline Drive
Lake Mary, FL 32746

Phone: (407) 644-3535
News Tips: (866) 55-FOX35

Didn't find what you were looking for?
All content © Copyright 2000 - 2014 Fox Television Stations, Inc. and Worldnow. All Rights Reserved.
Privacy Policy | New Terms of Service What's new | Ad Choices