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Nearly 90 Percent of NYC Restaurants and Bars Couldn't Pay Full Rent in August

16 points by deegles 6y ago

sthnblllII 6y ago
> 60% say they haven't been able to renegotiate their leases with their landlords. The US urban real estate market is in a huge bubble driven by foreign speculators. Lowering the rents would reveal these properties to not be worth anywhere near what they are currently valued at, so the landlords let storefronts of failed businesses sit empty for years instead of lowering the rent one cent. This hopefully will be the trigger that finally makes that untenable, but I'm sure everything will be done to stop that from happening as the New York real estate market is particularly well known as one of the most politically connected and corrupt industries in the United States. > Landlords are not going to be patient much longer," said Schneider. "There needs to be relief for landlords too This whole situation is artificial. A large fraction of landlords are holding out for a government bailout and dont care if they have to put a few small businesses under to create a sense of urgency. Many landlords are huge holding companies. Ultimately, this is just some wealthy investors who are refusing to take a hit to their assets the way workers and small business owners already have. > a $120 billion fund to aid small and locally-owned restaurants, and cover the difference between revenues from 2019 and This is just a bailout for landlords because the rents are what is shuttering the restaurants. Tax payers should not be on the hook for maintaining the sky high returns of real estate investors.
tootahe45 6y ago
If you're allowed by law to not pay rent it makes sense to structure your finances so you can't.
opdscasadeplaya 6y ago
That's a very sad news, the effects of this Pandemic is really bad. We are thankful that we are still operating, if you happen to go to Australia, contact us for events venue in Mornington. Casa De Playa (https://casadeplaya.com.au/ https://casadeplaya.com.au/)

16 points by deegles 6y ago

> 60% say they haven't been able to renegotiate their leases with their landlords. The US urban real estate market is in a huge bubble driven by foreign speculators. Lowering the rents would reveal these properties to not be worth anywhere near what they are currently valued at, so the landlords let storefronts of failed businesses sit empty for years instead of lowering the rent one cent. This hopefully will be the trigger that finally makes that untenable, but I'm sure everything will be done to stop that from happening as the New York real estate market is particularly well known as one of the most politically connected and corrupt industries in the United States. > Landlords are not going to be patient much longer," said Schneider. "There needs to be relief for landlords too This whole situation is artificial. A large fraction of landlords are holding out for a government bailout and dont care if they have to put a few small businesses under to create a sense of urgency. Many landlords are huge holding companies. Ultimately, this is just some wealthy investors who are refusing to take a hit to their assets the way workers and small business owners already have. > a $120 billion fund to aid small and locally-owned restaurants, and cover the difference between revenues from 2019 and This is just a bailout for landlords because the rents are what is shuttering the restaurants. Tax payers should not be on the hook for maintaining the sky high returns of real estate investors.

tootahe45 6y ago

If you're allowed by law to not pay rent it makes sense to structure your finances so you can't.

opdscasadeplaya 6y ago

That's a very sad news, the effects of this Pandemic is really bad. We are thankful that we are still operating, if you happen to go to Australia, contact us for events venue in Mornington. Casa De Playa (https://casadeplaya.com.au/ https://casadeplaya.com.au/)