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New York’s Citi Bike Program In Big Financial Trouble, Despite Big Success

Excerpt from Wall Street Journal

Mar 21, 2014 6:00 am

Skift Take

Citi Bike has hit a few bumps in its first year, but it’s been a wild success that is helping shape how New Yorkers and visitors get around.

— Jason Clampet

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Leaders of Citi Bike are moving quickly to raise tens of millions of dollars to rescue the popular bike-share program as it loses money…Citi Bike’s bright blue bicycles have become a seemingly indispensable part of some city neighborhoods, but its managers don’t believe it can survive if it doesn’t become more appealing to tourists and expand to new neighborhoods.

The program’s leaders have approached officials in Mayor Bill de Blasio’s administration about raising Citi Bike’s rates, the people said.

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