The city assures that the bikes will come equipped with the latest in security technology, and the system is planned to be in place for spring 2012 with 600 stations and 10,000 bikes.
"I think people who never dreamed of riding a bike with public bike share will be riding a bike," said Caroline Samponaro of Transportation Alternatives.
Similar programs already exist in several major cities such as, Paris, Barcelona and Amsterdam.
However, some drivers have already seen the roads shrink to make way for bike lanes, such as the one running along Prospect Park, Brooklyn, and feel a little different. "As a driver, I am not happy," said Lois Carswell, "the city was not designed for bicycles."
According to government officials, the program will be created and carried out by a private company that would also be responsible for all the costs for the first five years. During that time it would also share its revenue with the city.
While the exact area covered is not yet known, the system will include pickup and drop-off stations will be located every few blocks.
Denver and Minneapolis started similar plans earlier this year and Boston received a $3 million grant for similar programs.
