Res. No. 46
Title
Resolution calling upon the New York State Legislature to introduce and pass, and the Governor to sign, legislation establishing a property tax credit for commercial landlords who voluntarily limit the amount of rent increases to small business owner tenants upon lease renewal.
Body
By Council Members Cornegy and Brannan
Whereas, New York City's small and local businesses define the identities of its many diverse neighborhoods and are integral to creating vibrant, successful communities; and
Whereas, Often these small and local businesses open in less popular or less trafficked neighborhoods and their presence causes the neighborhood to become transformed into a more sought-after area; and
Whereas, According to the Real Estate Board of New York's Fall 2013 Retail Report, in areas where these boutique, one-of-a-kind stores create neighborhood appeal, the asking rents tend to rise as established retailers who want to benefit from the interest created by the small businesses come into the neighborhood and create demand and competition for space; and
Whereas, Once the commercial rents rise, the very businesses that generated the neighborhood appeal in the first place are no longer able to afford to remain in the area and are often forced to close or relocate; and
Whereas, The City has an interest in creating a commercial environment in which these small and local businesses can thrive and benefit from the neighborhood popularity that they themselves created; and
Whereas, The City also has an interest preventing retail homogenization and the wholesale replacement of "mom and pop" neighborhood stores with big-box retailers; and
Whereas, Within the past several years, numerous small and locally-owned businesses that many would describe as New York City institutions were forced to close or relocate as a result of exorbitant rent increases sought by landlords during the lease renewal process, including Bleecker Bo...
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