From the NY Post:
Mayor Bloomberg admitted Thursday that the Citi Bike program isn’t profitable, nearly six months after the bicycle-share program launched around town.
“I don’t think so yet,” Bloomberg said when asked if the Citi Bike program is making money.
The mayor argued that, like most start-up businesses, the Citi Bike operation is going through growing pains in its early stages of development.
“There’s a lot of teething at the beginning,” he said about the initial operating expenses. “You’ve got to get everything out there.”
With Citi Bike customers having taken more than 2 million rides since its launch, Bloomberg is confident that the system can turn a profit in time.
“It is, I think, better than anybody had anticipated in terms of usage,” Bloomberg said during a press conference at the Department of Transportation.
“It’s a way to commute, it’s a mass-transit system that requires no federal, state or city monies whatsoever.”
Mass transit systems involve large vehicles that move a lot of people at a time. Not vend-a-bikes. And I guess Mike thinks we've forgotten that the City put $1.55M in taxpayer money into CitiBike.