I agree, but I admit that the risk of theft is one factor (among others) that prevents me from putting too much money into a bike. Lucky for me, I have a beater bike which is good for short trips. And I do lock up my nice bikes occasionally but not regularly. So-called bike sharing programs solve this problem very well and offer other advantages, too. I can ride one way and walk or take the subway back, which is handy if I meet a friend at my first destination. So I end up owning lots of bikes and also pay the annual membership in the bike sharing program.

Crime has fallen sharply in American cities, especially NYC. Unfortunately, bike theft hasn't improved. It's still a very real problem. It's easy to steal a bike, and the bike is its own getaway vehicle.