By Kirsten Theodos, co-founder, Take Back NYC
All across the city, we are seeing the character and spirit of our neighborhoods being destroyed by hyper real estate speculation pushing out longtime established small businesses. Amazon cannot be blamed for all of the closings. A year ago, 41-year-old Cornelia Street Café was forced to close because of an exorbitant rent hike.
The Small Business Jobs Survival Act (SBJSA) would have saved them by giving commercial tenants rights to renew their leases and negotiate reasonable terms. In a recent interview, Manhattan Borough President Gale Brewer made clear in her view the SBJSA shouldn’t apply to all commercial leases. Her argument is weak, that the “unintended consequences” of the bill would be including “white shoe law firms” and “financial institutions.”
Even if a business is a hedge fund, it should not be excluded from protection from unscrupulous landlords. Carving out specific types of businesses from the bill is discrimination and would certainly be legally challenged. After years of broken promises to save Mom & Pop, it is unclear why she is back on the small business beat and weighing in on this now.
