Hackney Council hopes the installation of 675 new bike hangers over the next four years will help those without space in their homes to store bikes safely on the street.
The council says there are currently 5,000 people waiting for a cycle parking space.
The new hangars, which come at a cost of £2.8m, will increase the number of spaces by more than 4,000.
Cllr Mete Coban, Hackney Council cabinet member for energy, waste, transport and public realm, said: “We know that access to secure cycle parking can be a barrier to cycling.
“We already have more cycle hangars than any other borough, but as London’s capital of cycling, we want to do as much as we can to encourage more people to cycle – helping them to travel more healthily, tackle emissions and rebuild a greener Hackney.”
The cost of the new cycle hangars will be paid back over 20 years through an annual fee to users – currently a space in one costs £43.50 a year on street, and £31 a year on estates, plus a £26 key deposit.
The council says without this, it would be unable to implement ‘such an ambitious programme’.
A new team is being set up to manage applications for a cycle hangar space and the rollout of the hangars.
Installation of the new hangars will begin in 2023, finishing in 2026.