What’s getting in the way of a recovery for New York City’s small businesses? Continued weak demand is surely the main factor. But the fact that commercial rents remain artificially inflated compounds the problem. More businesses could survive, more commercial spaces repurposed for other uses and more new businesses started if commercial rents actually reflected market conditions.
The city and state need to act, imposing a broad set of remedies to lower commercial rents. If they don’t, the city faces the prospect of a lingeringly weak economy hamstrung by rents that are, as the saying goes, too damn high.
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