I don't know how much research they've done in NYC, but anything not welded into the main-frame will be stolen. You can't leave a bike locked up unattended for any significant duration of time and expect your bike to be intact when you get back. It's just a matter of fact here.
Yeah, I hope for their sake they don't use all their money for this pilot program because I suspect when people find out about it all the bikes will be stolen/destroyed within a week. New Yorkers use serious locks and chains on crappy-looking old bikes in hopes that the thieves will go after something shinier with less protection.