Best way to store lots of bikes on the cheap

I hang all my bikes from the garage cealing and it's no problem. Doing so will not harm the wheels. For a neigbor of mine, I fastned 2x4 boards to his garage wall and screwed in large plastic coated hooks to support the front wheel and the bikes hang vertically from the wall with the rear wheel on the floor. all the weight is on the rear wheel and the hook merely keeps the bike upright. I think we counted 25 bikes on a 30 foot wall. This may be the way to go for your situation. He collects vintage road bikes and cruisers to resell.

I have not used the hanging racks other than on a century ride, but I liked using the rack then.

I am not an engineer, however, if a bike wheel can withstand riding over a variety of surfaces carrying a load of over 300 pounds, I strongly suspect that hanging a bike by the wheel, where it will hold less than 30 pounds, is not likely to cause any damage. This of course assumes that whatever you use as a hanger has a coating to avoid scratching the wheel.

if space is an issue try offsetting the heigth of the bikes so the handlebars can slightly overlap. This also makes it easier to hang and remove.

Hanging bikes is fine. Just like anything else. Get the right kind of hangers, be gentle taking them on and off. Otherwise no issues that I have ever had and I have never kept mine any other way.

Hanging bikes by the wheels will not harm them. Alternate your bikes to be able to hang more in a given space. Hang bike 1 by the front wheel, bike two by the rear wheel, bike three by the front wheel, and so on.

Yo xGTGx, here's exactly what I mean.

http://www.mindspring.com/~d.g1/images/storage1.jpg

have someone hold the bike vertically against the wall and measure from the floor to where the tire touches the wall.
Fasten the boards to the walls with masonary hangers and then screw the hooks into the boards at the hight you measured. That should do it. I'd even bet your resident facilities maintenence people can help you out.