This article, by Sam Sholli, originally appeared on LBC.
Mr Bailey made the comment to Nick Ferrari in response to TfL commissioner Andy Byford announcing that the new Euston Road cycle lane is set to be removed.
The cycle lane was brought in less than six months ago as lockdown measures were eased in an attempt to reduce car numbers in London.
However, the change led to anger from motorists who have said the resulting reduction in road space has created more congestion on an already busy route.
Speaking to Nick Ferrari, Mr Bailey said: "I think the first thing to say about this being removed is there's no forward planning. That's why this money has been wasted, that's why the traffic has been built up to crazy levels. [It's] because Sadiq Khan is not planning for anything.
"He needs to plan across London. If you're going to put in these lanes, where are you putting them in and why?"
He added: "What it signifies is a greater waste of money at TfL at the very time we need to fix London and fix TfL.
"TfL is so important to London [and] to this country's economic recovery and Sadiq Khan is just running the organisation into the ground."
Despite being a cyclist himself, Bailey said that verbal attacks on cyclists occur because of "nonsense like this".
He explained: If you put in lanes in the wrong place with no planning it means people rightly say 'well, why should we bother with cycle lanes at all'."