One of the problems with owning and using a bike is the high theft rate from outside shops, libraries, street racks etc which means you risk losing it each time

One of the problems with owning and using a bike is the high theft rate from outside shops, libraries, street racks etc which means you risk losing it each time you leave it chained up outside. Even the expensive locks don't seem to be up to much if you've watched a few Lock-picking Lawyer YT vids. The cost of having to replace even a cheap bike due to theft to a low income person is huge. Something in the 1.5k price range would be devastating so ... cheap bikes it is. I think that the ultimate problem is the excessive mark-ups on the cheap/junk bikes doesn't allow for a mid tier (in terms of price/quality) brand or manufacturer room to enter the market.