I think if I lived in NY I would definitely have a real beater bike. Depending on the budget, a beater can take many different forms. I just hate riding w/ a bunch of stuff in my backpack. I would do just about anything to avoid taking more than one U-lock with me.

I guess bike theft is everywhere, though. We have had a lot of ads on CL here in Austin about bikes being stolen. Usually out of someone's garage, though.

I would think that NY wouldn't be that bad b/c there are always so many people around. Seems like the best place to leave a bike is the most crowded place.