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...?

Rallying for stronger rent regulations in NYC

More than an estimated 1,000 NYC residents descended upon the state Capitol in Albany yesterday to urge lawmakers to renew and strengthen rent control laws that are set to expire on Monday.

EVG reader Peter Brownscombe was there and shared these photos…









The Wall Street Journal reported the following today:

The powerful New York City real-estate industry, which is aligned with the state Senate’s Republican majority, opposes many of the regulations, saying they don’t help tenants or landlords. Many lawmakers simply want to leave Albany without upsetting the status quo this year after a tumultuous few months marred by two corruption arrests.

Real-estate executives, city officials and state lawmakers say little has been decided, and that it is likely the current rent regulations, set to expire this year, will be extended at least for a limited period. More than 1 million units in New York City are affected by rent regulations, according to a 2011 study by the Furman Center at New York University.

People familiar with the talks don’t expect the de Blasio administration to get its way on a key issue: ending “vacancy decontrol” — the practice of exempting regulated apartments from rent controls once their rents hit a threshold, currently $2,500, and letting them go for market rates. Mr. de Blasio wants to end vacancy decontrol and put a cap on rent increases, a move championed by liberal lawmakers as crucial to strengthening rent laws.

The Mayor's Office tonight sent out a link to this petition — Support Affordable Housing in New York City


[Image via the Mayor's Office]