New York may chase away business as it considers ‘commercial rent control’
The “Small Business Jobs Survival Act” is designed to protect small mom-and-pop shops in New York City from rising rent prices. The legislation would require 10-year leases, which could only be be altered with the tenant’s approval, to be offered to commercial tenants at renewal. If the two parties cannot agree on a rent increase, they would have to go through arbitration.
These rules would apply to retail spaces of 10,000 square feet or less, manufacturing spaces of 25,000 square feet or less and office spaces of 10,000 square feet or less. It has been compared by critics to commercial rent control, though it would not specify actual rent increase restrictions.
There are many pros and cons to this bill. Officials warning it could do more to damage the very businesses it is designed to protect.
Source: Brittany De Lea | FOXBusiness
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