Simply buy a fleet of bikes, fit trackers and motion alarms to each, somewhere hard to detect like inside the tyres, then park them around the city secured by shitty locks in areas covered by CCTV, and then as soon as any bike moves more than a few feet, go arrest the person moving it.
Considering in a city of 10 Million people, there are probably only 100 who actively walk around with bolt cutters, it should be a simple case of finding every thief.
Once you've found the thieves, the harder task is making them stop stealing bikes. Encourage courts to hand out "get drug free or go to prison" sentences. Offer new identities in new cities to people who have picked friends they regret...