"Small businesses are an essential part of what makes our city thrive, but it is increasingly impossible to run a successful local business due to unpredictable, outrageously expensive commercial real estate costs. State Assemblymember Emily Gallagher proposed legislation that would create a Commercial Rent Guidelines Board to set maximum annual rent increases for all commercial leases across the city."
"Henry Yao's 200-square-foot military surplus shop on New York's Lower East Side has hung in there for over 20 years. In neighboring Chinatown, business owners cited rent as one of their biggest challenges, with a Chinatown Small Business Impact Study finding that rents had increased by 39% from 2010 to 2019."
New York City small businesses face severe challenges from rising commercial rents, with many closures occurring across neighborhoods like the Lower East Side and Chinatown. Chinatown experienced a 39% rent increase from 2010 to 2019. State Assemblymember Emily Gallagher introduced the New York City Small Business Rent Stabilization Act, which would establish a Commercial Rent Guidelines Board to set maximum annual rent increases for commercial leases citywide. Small businesses comprise 98% of NYC's businesses, with 89% having fewer than 20 employees, making them vital to the city's economy. The legislation aims to provide stability and protection for struggling local businesses facing unpredictable and expensive commercial real estate costs.
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