Seems to be common in many countries, more so city sized area's as statistically, you will get a larger spectrum of humanity and the odds of having more bike thieves will be higher. Let alone, drunken students taking the wrong bike or the like.
Which is one of the reasons I don't have one, that and the types of drivers make it more dangerous, got better from my observations, but still, I'll walk more as unlike the country - not as far to go for most things.
That and if I'd endured a few thefts, I'd just end up getting angry and knocking up a bobytrapped bike and probably go too far and that's probably another reason for me to not own a bycicle. Though I did checkly suggest upon twitter once to the local police that they should have a bait bike, maybe has a spike in the seat that raises up. They liked the idea with supportive comment. But I'm sure it would not playout well legally. Besides, imagine some poor person, drunk for the first time, gets on the wrong bike by mistake.
Though I'd probably build some form of electric shock into it, though again, I'd know I'd go too far.
Reminds me of an initiative in Amsterdam many decades back, 90's era iirc. The city had put a a large number of bikes in town for people to use, park up, free for all to use - early bike hire, ride and drop thing without any paying - just free use bikes. Coz what happened was people stole many of them, not everybody lived in Amsterdam and with that, maybe a good initiative, but needs to be done on a large scale to work.
Until then, i'd not buy anything new, second hand end-user type of affair as locks are just not that good and anything close to good would be more than the cost of a use and abuse bike.