The city's ambitious bike-sharing program is reportedly bleeding money and needs a serious influx of cash if it is to survive.
Citi Bike officials are looking to raise tens of millions of dollars to save former Mayor Michael Bloomberg's landmark initiative as it plunges into the red, The Wall Street Journal reported Thursday.
They have approached members of Mayor de Blasio's administration for help with the program, with one solution being to raise rental rates, according to the report.
While it wasn't clear what the new mayor might do, the city's transportation commissioner said recently that the bike-share program faced financial and operational challenges.
"We are working as diligently as we can to help the company resolve [the problems] and strengthen the program," Commissioner Polly Trottenberg said earlier this month.
Biking advocates have blamed Alta Bicycle Share, the company that operates Citi Bike, for mismanaging the program.
Although Citi Bike has been popular with commuters, the system has been plagued with problems, such as software glitches, maintenance woes and battery issues at the stations.Joe Tacopino
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