The NYC Council held an oversight hearing with Small Business Services about the growing number of vacant storefronts in NYC on Wednesday.
Empty storefronts on Broadway; could they be the future for many businesses after Covid-19 crisis abates? The number of vacant storefronts in NYC is growing, and the City Council demanded solutions to the economic problem during an oversight hearing at City Hall on Wednesday.
Vacancy rates have been trending upwards in NYC. Only 4% of storefronts were vacant citywide in 2007, rising to almost 6% in 2017 and 8% in 2019, Feliz said, citing data from the Department of Finance.Administrators from SBS discussed recent ways the agency has supported small businesses. “Local shopping areas are the heart of many New York City neighborhoods,” Feliz said. “Many thriving businesses on a well-lit street can provide a sense of community and strong neighborhoods. But the opposite can also be true. A high number of ‘going out of business’ or ‘for rent’ signs might create a sense of unease or discourage new businesses from opening up.
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