Citi Bike: Immensely popular but not profitable - FOX 10 News | fox10phoenix.com

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>>

  • High-fiving strangers in NYC

    High-fiving strangers in NYC

    Tuesday, September 16 2014 6:01 PM EDT2014-09-16 22:01:29 GMT
    Looking for a taxi cab is a common sight in the city. For some people, an outstretched arm is usually the sign for hailing a cab. A few other folks see it as something else.Meet Meir Kalmanson. He sees a hand in the air as an opportunity to lighten up a person's serious or frantic state. Meir decided to high-five his way down Fifth Avenue. The video of his rebellion of social norms has gone viral.
    Looking for a taxi cab is a common sight in the city. For some people, an outstretched arm is usually the sign for hailing a cab. A few other folks see it as something else.Meet Meir Kalmanson. He sees a hand in the air as an opportunity to lighten up a person's serious or frantic state. Meir decided to high-five his way down Fifth Avenue. The video of his rebellion of social norms has gone viral.
  • Empire State Building Facebook review controversy

    Empire State Building Facebook review controversy

    Tuesday, September 16 2014 5:52 PM EDT2014-09-16 21:52:40 GMT
    When it comes to visiting New York City landmarks, half the fun is reviewing them afterward on social media sites like Facebook. But some folks say the Empire State Building is reporting their reviews as spam.
    When it comes to visiting New York City landmarks, half the fun is reviewing them afterward on social media sites like Facebook. But some folks say the Empire State Building is reporting their reviews as spam.
  • Smoking rates on the rise in New York City

    Smoking rates on the rise in New York City

    Tuesday, September 16 2014 7:03 AM EDT2014-09-16 11:03:52 GMT
    For the first time in years, more than 1 million New Yorkers are smoking, marking a disturbing rise of tobacco use in the city that pioneered a number of anti-smoking initiatives that were emulated nationally.  Sixteen percent of adult New Yorkers smoked in 2013, up from 14 percent in 2010, which was the city's lowest recorded rate, according to the findings released by New York City's Department of Health.
    For the first time in years, more than 1 million New Yorkers are smoking, marking a disturbing rise of tobacco use in the city that pioneered a number of anti-smoking initiatives that were emulated nationally.  Sixteen percent of adult New Yorkers smoked in 2013, up from 14 percent in 2010, which was the city's lowest recorded rate, according to the findings released by New York City's Department of Health.
Powered by WorldNow

KSAZ-TV & KUTP
511 W. Adams St.
Phoenix, AZ 85003

Phone: (602) 257-1234
Fax: (602) 262-0177

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