New York lawmakers seek rent control to protect small businesses
Gothamist • • business
Key Points:
- A coalition of state lawmakers and small business groups in New York aims to extend rent control to commercial properties, proposing a bill to create a commercial rent guidelines board that would cap rent increases, standardize leases to 10 years, and require written agreements.
- Assemblymember Emily Gallagher highlighted the impact of rising commercial rents on local businesses, citing a 25% rent increase in Brooklyn from 2019 to 2022 and recent closures like the Pencil Factory bar, while advocates argue the bill could reduce vacant storefronts, which currently stand at about 12%.
- Opponents, including landlord groups and real estate attorneys, argue that commercial rent control would harm small property owners, fail to account for revenue-based leases, and potentially increase vacancy rates by
