By The newspaper
06 Jul 2024, 12:37 PM EDT
Another hit to New Yorkers’ pockets is coming with the second price increase this year for the increasingly popular Citi Bike electric bicycle service.
The price increase will go into effect starting July 10. E-bike fares for those with an annual Citi Bike or Lyft Pink All Access membership will go up to $0.24 per minute from the current $0.20. Non-members will see fares increase from $0.30 to $0.36 per minute. Detailed price changes can be found on the official Citi Bike and Lyft Pink website.
It will be the second price hike in 2024, following an increase the first week of January. Lyft, which runs the bike-share program, says the increase is due to battery replacement, insurance costs and other expenses that are higher than the company anticipated when it last set fares.
Citi Bike said the price changes only affect rides in New York City. Prices for electric bikes for rides in New Jersey are not changing at this time, it noted. ABC News.
Citi Bike is a bike-sharing system serving four of NYC’s five boroughs—the Bronx, Brooklyn, Manhattan, and Queens—as well as neighboring Jersey City and Hoboken in New Jersey. There are 33,000 bikes available at 1,915 stations, making more than 131,290 trips daily, as of late summer 2023.
- Stabilized rents in New York will rise from October 1, 2024: 3rd consecutive year
Half of families in New York City do not have enough income to survive without help from the government, family or community, warned a report from United Way and The Fund for the City of New York (FCNY) last March.
High costs are not only affecting families, but also singles: another recent study by SmartAsset revealed that NYC is where it takes the most money to live “comfortably” as an individual: $66.62 per hour or an annual salary of $138,570.
New York is also one of six cities in the United States where a family must earn more than $300,000 to “comfortably” raise two children: $318,406 to be exact.
But high costs do not guarantee well-being in the “capital of the world”: in another recent survey, only 30% of residents rated the quality of life in NYC positively and only half plan to stay living here for years to come.
In December, the Census confirmed that New York was the state that lost the most population due to moves after the pandemic. In 2022, New York was left with one less seat in the House of Representatives of the National Capitol due to this demographic decline, which had been evident before the pandemic and has accelerated since then.