Hearing on Commercial Rent Renewal Legislation (Int. 737-A) Set for October 22
The City Council's Small Business Committee will hold a hearing on legislation that would grant all commercial tenants the unilateral right to renew their leases for a term of ten years at a rent set by binding arbitration. Advocates argue that the legislation will protect small businesses from rent increases while opposition stakeholders believe the legislation will illegally infringe on property rights and have numerous negative impacts on the city's economy. Similar legislation has been introduced and debated several times over the past 30 years without movement, but City Council Speaker Corey Johnson has publicly expressed a desire to take some action to address the issue of vacant storefronts and the decline of "mom and pop" businesses. You can click here for more information regarding the hearing and legislation.
Next Week's City Council Hearings
Next week, the New York City Council will hold hearings on a wide range of topics, including an oversight hearing on discrimination against Muslim, Arab, South Asian, Jewish and Sikh communities in the Committee on Civil and Human Rights. The Committee on For-Hire Vehicles will examine accessibility in the taxi and for-hire vehicle industries. The Committee on Economic Development will meet to discuss the Freight NYC program, a plan to modernize how freight moves throughout the city. The Committee on Fire and Management will meet to discuss NYC's Emergency Management Strategic Plan and the Committee on Technology will analyze the Annual Open Data Plan. The full council will meet on Wednesday at a stated meeting to introduce and pass legislation. A complete calendar of council hearings can be found here.