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Originally Posted by The User Formerly Known as Mr. Ryu
How will it prevent it from them raising the rents on tenants?
It doesn't. But it does deter them from landholders from holding out for years just to get the highest rent they can get, while allowing their vacancy to hurt the area. It's a good idea.
It doesn't. But it does deter them from landholders from holding out for years just to get the highest rent they can get, while allowing their vacancy to hurt the area. It's a good idea.
Yeah, just like rent control laws were a "good idea", and look where that's gotten NYC.
Retail property market is functioning as it should, and for your and others information rents are actually coming down in many parts of NYC. No, they aren't dirt cheap as you would like, but never the less....
What bleeding heart liberal democrats and others pushing for some sort of commercial rent control laws seem to ignore is that asking rates are *NOT* the sole issue. Rather the vast and quick rise of online retail that has made Amazon.com, Jet.com, and everyone else online a major competitor for nearly all stores regardless of merchandise.
Many simply cannot or will not believe the way a large majority of people shop has changed, and that is fact. You can find nearly everything from A to Z including hoes, drugs and everything else online or via an app today. So what is someone going to sell/offer that can compete with something that out of the box has lower costs because they *don't* have a NYC store front.
If NYC is so eager to reduce retail/commercial rents, then lower their insane tax rates. Commercial properties pay the majority of *ALL* property taxes in NYC, condos/co-ops are next with single family homes are dead last. Also unlike the protected residential/single family homes increases in commercial rents take place at once, and aren't phased in over ten years. As such they become quick and easy low hanging fruit whenever the city finds itself short of money.
This does not even touch the vast and bewildering array of other taxes, licensing fees, inspection fees, fines and so forth that NYC levies on every single type of business/retail property. The city just increased regulation of all commercial laundries and laundromats which likely is going to drive even more to close/move out of the area.
The property is empty. There is no tenant to pass it on to.
Quote:
Originally Posted by The User Formerly Known as Mr. Ryu
If it's passed the landlords will just increase the rents on the tenants.
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