Citi Bikes Are a Wild Success, But Will They Survive?

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Citi Bikes Are a Wild Success, But Will They Survive?

Citi Bikes Are a Wild Success, But Will They Survive?

If there is one problem with Citi Bike, it's the looming financial mess that threatens to consume it.

New York City's privately funded bike-share program reportedly needs a quick influx of "tens of millions" of dollars to stay afloat — and that was before the city said that Alta Bicycle Share Inc., Citi Bike's operator, owes an additional $1 million for the lost parking revenue eaten up by bike racks that eliminate potential parking spots. Without expanding to different boroughs, more revenue from tourists and a potential price hike, operational costs could force the bike-sharing program to shut down. Read more...

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