In a recent Town & Village editorial, the topic was how the mid-lease rent hikes given to 1,300 residents was bad business. The reason was that it would cause hundreds of vacancies and end up replacing more stable residents like families with less stable ones like students and others living in roommate situations.
However, there is another reason why we think the mid-lease increases (which have been as high as over $2,000) are bad business and bad for the community.
The other reason is that an exodus of tenants means a sharp drop in business for local retailers, many of whom have already been hurting since Sandy and the temporary closure of the VA Medical Center. Obviously, eventually new tenants will replace the departing ones as customers of local shops, but with a large chunk of apartments being vacated, this is a process that’s going to take some time. Meanwhile, since apartment buildings around here for years now have had revolving doors due to steadily increasing rents, the challenge of regularly trying to attract – and to keep – clients is one that local businesses have already, on a gradual level, been struggling with.
But don’t take our word for it. Hear what a couple of merchants had to say.