The disappearance of small businesses is something we all see happening around us, and while many of us have changed their attitude toward supporting their local small businesses, the competition with the large retailers is an endless endeavor. As customers we see the higher prices charged for local services and products compared to the franchises and large retailers. But what most customers do not see is the comparatively higher cost, with rent being the highest to cover.
As the largest city in the US, New York City is not one that you would expect to change the nations Small Business world. The legislation in question was recently signed by NYC’s mayor, Bill de Blasio, and gives commercial tenants the same litigation rights as residential tenants. Now how could that possibly make a difference in the majority of urban small businesses? NYC has had significant increases in rent, for both residential and commercial properties. This is a hardship shared by most small businesses nationwide, as even a mom and pop shop in Wisconsin may assure you.
In the article below, published on Fundera.com, Eric Goldschein details the benefits, downfalls and compromises that may bring solutions.
https://www.fundera.com/blog/2016/08/16/new-bill-nyc-small-businesses/