Thursday, November 7, 2019

Report: Another city plan in the works to address NYC's retail vacancy crisis

[The former Bar Virage on 2nd at 7th]

A story to watch... and a story discussed around here.

Per Gothamist yesterday:

In an attempt to address the staggering number of empty storefronts across New York City, a Brooklyn City Council member [Stephen Levin] plans to introduce a landmark bill next week that would seek to regulate commercial rents.

How staggering? As NYC comptroller Scott Stringer's office recently reported, vacant retail space in the city nearly doubled these past 10 years, up to 11.8 million square feet in 2017 from 5.6 million square feet in 2007. During that time, Stringer's research found that retail rents rose by 22 percent on average across the city.

Which brings up: Whatever happened to the Small Business Jobs Survival Act, which has been around since 1986 ... and after some high-profile support in November 2017, has languished in Council limbo for the past year...?


noble neolani said...

I wonder if there is a well funded lobbying group preventing these laws from becoming a reality?

Gojira said...

@noble neolani - Along with a well-funded fake Socialist mayor?

Anonymous said...

And that we live in an oligarchy?

cmarrtyy said...

It hard to support commercial rent control since small businesses deal with cash. And the cash is not always reported. And that could be the rub for landlords and politicians.

Anonymous said...

@12:08pm: Are you being facetious? Do you imagine that bribes paid to the mayor & his henchpersons are not in cash?

Anonymous said...

A easy solution that is used in London - only let landlord deduct tax loss from empty storefront for 6 months.