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Commercial Rent Control Proposal Draws Fire from REBNY
With commercial rent control again on the agenda as legislation was introduced at Thursday’s New York City Council meeting, business groups including the Real Estate Board of New York (REBNY) voiced their opposition.
“This proposal fails to address the increasing burdens facing small businesses and will force successful ones to flee the city,” said REBNY president James Whelan. “NYC’s Department of City Planning and the City Comptroller both recently reported that the issue of retail vacancies is not a citywide problem. In fact, data shows that retail vacancy rates are driven by rising property taxes, longer wait times for government approvals, e-commerce and various other factors.”
Added the Queens Chamber of Commerce’s Thomas J.Grech, “Though designed to benefit mom-and-pop shops, this legislation actually favors large chain stores over small businesses. It makes it incredibly difficult for successful small businesses to move into larger spaces, hindering their growth.”
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