NYC DOT studied the impact of different redesigns on local businesses. The conclusion: protected bike lanes are good for business, maybe even great.
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9th Ave protected bike lane
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retail sales up 49% after
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rest of Manhattan up only 3%
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Union Square redesign (with protected bike lanes)
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retail vacancies down 49%
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rest of Manhattan vacancies down only 5%
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Source: Measuring the street, NYC DOT, 2012