Interesting. Exchanging a one hour drive for a bike commute obviously has some monetary value and I don't doubt that for a certain income bracket 40% is in the ballpark.
However, at the lower more subsistance based level, where providing the essentials is a challange, my guess is that many would gladly exchange a bike commute for a 40% raise that involved a one hour drive.

Bottom line is that generalizations make great news teasers and headlines, but are poor substitutions for more the more nuanced analysis that shows the whole picture.