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Citi Bike Struggling to Pedal a Profit, Operators Say

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Despite some financial woes, the operators of Citi Bike will not receive support from the city.

The company that owns the equipment says overall the program has been a huge success since its launch last May. However, it has not been as profitable as expected, and the company does not think the program is sustainable if it does not expand into more neighborhoods and draw more tourists.

Even Mayor Bill de Blasio touts the program's success, and says that the city is working to figure out how to keep it going.

"Again at this moment city budget money is not on the table but we're open to other alternatives that might be helpful but um, the point is it's a valuable service, it's proven to be a success, we want to see it continue, we want to see it expand, and we're going to work with them to find alternatives that can help get that done," De Blasio said.

Transportation Commissioner Polly Trottenberg also acknowledged the program's problems but stood firm, saying in part, "We expect the system's operator, NYC Bike Share, to resolve these issues so the system can perform effectively and ultimately expand. Everything is on the table for Citi Bike, from improving operations to new sponsorships to additional financing."

Meanwhile, the company is seeking approval from the city to raise rates.

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