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asnyder
I don't know how much research they've done in NYC, but anything not welded into the main-frame will be stolen. You can't leave a bike locked up unattended for any significant duration of time and expect your bike to be intact when you get back. It's just a matter of fact here.
wan23
Yeah, I hope for their sake they don't use all their money for this pilot program because I suspect when people find out about it all the bikes will be stolen/destroyed within a week. New Yorkers use serious locks and chains on crappy-looking old bikes in hopes that the thieves will go after something shinier with less protection.
zacharyvoase
This looks awesome—like an ad hoc form of the state-sponsored Cycle Hire recently introduced here in London.

I just wonder how long it will be until NY legislators attempt to outlaw unregulated short-term cycle hire :)