New Yorkers are pretty used to fare hikes because of the MTA, but it looks like another form of transportation may soon be getting more expensive as well. The NY Daily News reports that the city has been in discussions to potentially raise Citi Bike’s annual membership fee by up to 50 percent. If enacted, the hike would increase yearly membership prices from $95 to $140 or even $155.
Despite the potential fee increase for annual memberships, sources suggest that 24-hour Citi Bike access would probably remain at $9.95. The price changes are a possible solution to save the troubled bike share program, which has run into a string of operational problems including faulty payment kiosks and equipment damaged by Hurricane Sandy. Worse yet, Bixi, the technology company behind Citi Bike and other bike shares around the world, recently fell into bankruptcy.
It also appears that REQX Ventures is looking to shake up the NY bike share program with an attempt to acquire Alta Bike Share, which oversees Citi Bike. The investment firm behind Equinox gyms is currently in negotiations and has asked for more control over the placement of stations. If successful, the sale could finally bring New York’s iconic blue bikes to new locations in Greenpoint, Williamsburg, Long Island City and new parts of Manhattan.
via NY Daily News