Citi Bike: Immensely popular but not profitable - FOX 29 News Philadelphia | WTXF-TV

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>>

  • WTC shipwreck mystery solved

    WTC shipwreck mystery solved

    Wednesday, July 30 2014 6:08 PM EDT2014-07-30 22:08:14 GMT
    Archeologists say they've solved a mystery that started with the rebuilding at ground zero. During the excavation at the World Trade Center Site, workers uncovered part of an old ship. No one knew where it came from. Now after years of study, researchers believe the sloop dates back to 1773, built from wood harvested from Pennsylvania, the same kind used to build Independence Hall.
    Archeologists say they've solved a mystery that started with the rebuilding at ground zero. During the excavation at the World Trade Center Site, workers uncovered part of an old ship. No one knew where it came from. Now after years of study, researchers believe the sloop dates back to 1773, built from wood harvested from Pennsylvania, the same kind used to build Independence Hall.
  • NYC subway report card

    NYC subway report card

    Wednesday, July 30 2014 5:09 PM EDT2014-07-30 21:09:16 GMT
    "A mixed bag": That's how the Straphangers Campaign characterizes New York City subways; some good parts and some bad. For example, the C train breaks down most often, not surprising since the line has 50-year-old cars. But C trains were also the cleanest in the transit system.Straphangers said the worst subway trains were the IRT's No. 2.
    "A mixed bag": That's how the Straphangers Campaign characterizes New York City subways; some good parts and some bad. For example, the C train breaks down most often, not surprising since the line has 50-year-old cars. But C trains were also the cleanest in the transit system.Straphangers said the worst subway trains were the IRT's No. 2.
  • Injured detective in Village shootout leaves hospital

    Injured detective in Village shootout leaves hospital

    Wednesday, July 30 2014 1:28 PM EDT2014-07-30 17:28:00 GMT
    The third law enforcement officer injured in a Manhattan shootout is out of the hospital. The NYPD says Detective Mario Muniz was left Bellevue Hospital shortly after noon on Wednesday. Hundreds of his fellow police officers cheered as Muniz left the hospital in a wheelchair pushed by his NYPD patrol partner, Joseph Trovato.

    The third law enforcement officer injured in a Manhattan shootout is out of the hospital. The NYPD says Detective Mario Muniz was left Bellevue Hospital shortly after noon on Wednesday. Hundreds of his fellow police officers cheered as Muniz left the hospital in a wheelchair pushed by his NYPD patrol partner, Joseph Trovato. Police Commissioner William Bratton has said the detective's protective vest may have saved his life.


Powered by WorldNow

WTXF-TV
330 Market Street
Philadelphia, PA 19106-2796

Phone: (215) 925-2929
Fax: (215) 982-5494

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