Commercial Rent Control?

The Story

The city council heard testimony this week about a long-debated proposal to regulate commercial rental negotiations. Concerned about rising rents and empty storefronts, advocates want to impose order on what they see as a chaotic and destructive system controlled by greedy landlords. But the last thing New York City needs is another layer of rent control, which has failed to create a healthy residential market.

The Facts You Need to Know

  1. Advantage: A study by a liberal state senator concluded that there is no truth to the widespread allegation that landlords enjoy tax benefits from keeping properties off the market. Read more.

  2. Vacant: Retail vacancy rates have risen across the country, in part because of technology-induced changes to how people shop. Read more.

  3. Control: New York City’s 70-year experiment with residential rent regulation has distorted the market and prolonged a housing shortage. Read more.

“This bill might actually drive rents up because landlords will anticipate the costs of arbitration into leases.”

Gregg Bishop, Commissioner, Small Business Services

Twitter Take

The Past is Present

China Fun, Done By Seth Barron (February 6, 2017)

“Suffocating regulations force another popular New York City business to close its doors.”

And in other news...

“Almost anything, it seems, that keeps shoppers on their toes is viable. That includes exclusive merchandise (will this location carry that handbag?), pop-up shops (will this store be here next week?) and experiences (can I eat or drink or post as well as shop?).”