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Tuesday, March 24, 2015

Gale Brewer Seeks Rent Mediation For Mom-And-Pop Businesses

Small businesses might face tougher rent increases if a New York City proposal is enacted.

That's because a proposed one-year rent increase cap and mediation will lead to landlords changing future leases governing their deals with tenants to account for what effectively becomes a government-mandated tenant-option to stay in a place and cap the increased rent.

The reason rents increase so much is that the typical commercial lease is at least ten years long. As real estate appreciates the rental value tends to also increase. In recent years the value of property has generally outpaced rent increases.

While the proposal seeks to protect small businesses, it fails to account for how landlords will adjust.

And the proposal utterly ignores the fact that tenants absolutely know for years that a lease is expiring. No tenant is caught unaware. What this is, plain and simple, is a giveaway to today's tenants with expiring leases.

Tomorrow's tenants will pay the price.

And so will all the customers who will pay higher prices on everything to make up for the landlords' lost revenue. After all, there is no cap on the expenses of a landlord.

See this link:
http://newyork.cbslocal.com/2015/03/24/manhattan-borough-president-seeks-rent-mediation-for-mom-and-pop-businesses/.

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