China Overseas Chinese Network, August 18, according to the US Overseas Chinese News Network, on August 17, local time, New York State Senator Brian Kavanagh and State Representative Niu Yulin announced that they were in the State Senate and State House of Representatives. Proposed a new bill to establish a "lease recovery plan" for commercial leases. The bill will grant power to the New York City government to provide assistance to small businesses and their landlords affected by the new crown pneumonia epidemic.
The bill aims to help landlords and small businesses gradually recover from the epidemic by reducing land tax pressure for landlords and reducing rent pressure for small businesses. The bill will give the New York City government the power to establish an assistance program for small businesses and their landlords affected by the new crown pneumonia epidemic, that is, to provide land tax relief to landlords who have signed at least 10 years of leases with small businesses as tenants. At the same time, the project will also require landlords to limit the annual rent increase. The bill allows small business tenants to negotiate with the landlord on the current lease or when signing a new lease, and join the "lease recovery plan." In addition, the bill also empowers the New York City government to issue additional incentives or restrictions to small businesses and landlords in accordance with local conditions.
According to the latest survey released by the New York City Service Industry Alliance, 83% of New York City restaurant operators still cannot pay the full rent in July, and more than one-third of the restaurant operators cannot afford to pay a single rent. Both figures have climbed from June.
Chen Zuozhou, administrative director of Chinatown Business Improvement District and Chinatown Joint Development Agency, believes that the "lease recovery plan" advocated by the new bill will benefit Chinatown small businesses and communities. Once small businesses are forced to close due to the economy, it will often take quite a long time. It took a while for new small businesses to settle in to fill the vacancies. Through the "lease recovery plan", to a certain extent, it will help more small businesses get out of the predicament of closing down, and both small businesses and their landlords will benefit from it.
Kafanner said that vacant shops and rising commercial rent levels have become commonplace in New York, especially in the public health and economic crisis brought about by the epidemic, which has exacerbated the financial burden of small businesses. Once more and more small businesses close their business due to economic difficulties, it will lead to a continuous decrease in the flow of people, thereby affecting the business of other small businesses in the community. This series of chain reactions will endanger the development of the entire community. Through the "Lease Recovery Plan", a long-term and safe environment has been established for small businesses and their landlords to help them gradually recover from the epidemic as soon as possible. (Liu Yiling)