The New York City Council - File #: Res 0565-2018

• File #: Res 0565-2018
• Version: *
• Name: Authorizing NYC to create a Commercial Rent Increase Exemption program, which will provide a property tax abatement to landlords who enter into long-term affordable lease agreements with small businesses.
• Type: Resolution
• Status: Filed (End of Session)
• File created: 10/17/2018
• In control: Committee on Finance
• On agenda: 10/17/2018
• Final action: 12/31/2021
• Title: Resolution calling upon the New York State Legislature to introduce and pass, and the Governor to sign, legislation authorizing the New York City to create a Commercial Rent Increase Exemption program, which will provide a property tax abatement to landlords who enter into long-term affordable lease agreements with small businesses
• Sponsors: Brad S. Lander, Laurie A. Cumbo, Keith Powers , Helen K. Rosenthal, Margaret S. Chin

Date	Ver.	Action By	Action	Result
12/31/2021	*	City Council	Filed (End of Session)
10/17/2018	*	City Council	Referred to Comm by Council
10/17/2018	*	City Council	Introduced by Council

Res. No. 565

Title
Resolution calling upon the New York State Legislature to introduce and pass, and the Governor to sign, legislation authorizing the New York City to create a Commercial Rent Increase Exemption program, which will provide a property tax abatement to landlords who enter into long-term affordable lease agreements with small businesses
Body

By Council Members Lander, Cumbo, Powers, Rosenthal and Chin

Whereas, Small businesses in the City bear significant financial burdens because of the high commercial rents they pay; and
Whereas, In some neighborhoods, landlords who lease their properties to small businesses seek steep rent increases when it comes time for their small business tenants to renew their leases; and
Whereas, According to a 2017 report by the City Council, "Planning for Retail Diversity: Supporting NYC's Neighborhood Businesses," these rent increases could be as much as 50 percent or more on average; and
Whereas, The Council's analysis of data from the Real Estate Board of New York showed that the average retail asking rents in Manhattan grew 44 percent between 2006 and 2016; and
Whereas, The extreme increases in commercial rents have forced several small businesses to shut down causing neighborhoods to lose long-standing businesses that provided them with vital services for decades; and
Whereas, New York City has existing programs to help certain populations maintain an affordable rent; and
Whereas, For example, low-income senior citizens and people with disabilities in rent-regulated apartments are protected by the Senior Citizen Rent Increase Exemption (SCRIE) program and the Disability Rent Increase Exemption (DRIE) program, known collectively as the New York City Rent Freeze Program; and
Whereas, The Rent Freeze Program freezes the rent for eligible residents of rent-regulated housing who have annual household incomes of $50,000 or less, are over the age of 62 or have a qualifyi...