It's called the Yellow Bike Project and it's an all volunteer initiative. I think Portland, OR also has something similar.
There are no bike stations or anything. You can leave the bike anywhere it can be seen, like on a sidewalk. They are all painted a hideous yellow and are unmistakeable for any other bike.
Nanny Bloom sure knows how to waste money. If he were to ask people to get involved in a volunteer project like this, I bet lots of people would contribute bikes.
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