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> For many longtime Village residents, what the street is missing is not a cool factor but the essential mix of businesses that makes a neighborhood function.

> For many longtime Village residents, what the street is missing is not a cool factor but the essential mix of businesses that makes a neighborhood function. These core local businesses unfortunately got priced out a long time ago. A flaw in our system of real estate is that there doesn't seem to be a very good mechanism for rewarding the businesses that help increase the value of a neighbourhood. Businesses put in the sweat equity into creating a great business that draws people into the area and makes it fertile ground for other businesses and redevelopment, and their reward is that their rent spikes and they're forced out.

brenschluss 9y ago
Yes. Supporting local businesses and non-chain brands is one of the best things one can do from a demand/user side of things.
bigdubs 9y ago
This is kind of rewarded with long term leases; a business takes out a 10 year lease in a "cheap" neighborhood, does well, brings people to the area, they pocket profits on their cheap rent. When the lease comes up, and the landlord wants some of the businesses profit, is when you start seeing vacancies. It's further compounded by sales intra-lease where the new buyer has modeled the rent once the current lease is up in order to justify the sales price.
minikites 9y ago
I haven't thought this through particularly thoroughly but perhaps a land value tax (https://en.wikipedia.org/wiki/Land_value_tax https://en.wikipedia.org/wiki/Land_value_tax) somehow linked to business revenue? For example, if you're selling luxury goods in a rich neighborhood, your taxes are higher than a bodega in a rich neighborhood.
- rhapsodic 9y ago
  >I haven't thought this through particularly thoroughly but perhaps a land value tax (https://en.wikipedia.org/wiki/Land_value_tax https://en.wikipedia.org/wiki/Land_value_tax) somehow linked to business revenue? For example, if you're selling luxury goods in a rich neighborhood, your taxes are higher than a bodega in a rich neighborhood. Having a tax linked to business revenue is contrary to the spirit of land value tax.

brenschluss 9y ago

Yes. Supporting local businesses and non-chain brands is one of the best things one can do from a demand/user side of things.

bigdubs 9y ago

This is kind of rewarded with long term leases; a business takes out a 10 year lease in a "cheap" neighborhood, does well, brings people to the area, they pocket profits on their cheap rent. When the lease comes up, and the landlord wants some of the businesses profit, is when you start seeing vacancies. It's further compounded by sales intra-lease where the new buyer has modeled the rent once the current lease is up in order to justify the sales price.

minikites 9y ago

I haven't thought this through particularly thoroughly but perhaps a land value tax (https://en.wikipedia.org/wiki/Land_value_tax https://en.wikipedia.org/wiki/Land_value_tax) somehow linked to business revenue? For example, if you're selling luxury goods in a rich neighborhood, your taxes are higher than a bodega in a rich neighborhood.

rhapsodic 9y ago
>I haven't thought this through particularly thoroughly but perhaps a land value tax (https://en.wikipedia.org/wiki/Land_value_tax https://en.wikipedia.org/wiki/Land_value_tax) somehow linked to business revenue? For example, if you're selling luxury goods in a rich neighborhood, your taxes are higher than a bodega in a rich neighborhood. Having a tax linked to business revenue is contrary to the spirit of land value tax.