Relates to creating the Neighborhood Small Business Rent Increase Exemption

Showing the cosponsors who are on Agora, A to Z. The official record may list more.

• Democratic3

Shown in neutral colors by design; Agora is non-partisan.

◆ The sponsor's argument

Why Brian Kavanagh says this is needed

Small businesses are a critical part of the fabric of New York City's neighborhoods. These shops provide the rich character and history New Yorkers treasure, employ residents in their communities, and drive the city's local economy. According to a report by the New York City Council in December 2017, small businesses employ more than 600,000 individuals and "retail diversity" the presence of a large number of goods and services in a neighborhood - is connected to the health of both a commu- nity's local economy and residents. Despite the importance of small businesses to New York City, many are going extinct. Rising rents and falling income - due, in part, to the ever-growing threat of e-commerce giants and the presence of chain retail stores - are pushing more and more local shops to close. This legislation supports small businesses by authorizing the City of New York to create a new tax abatement for landlords that enter into long-term leases that include affordable rent increase clauses with small businesses. The bill will incentivize New York City property owners to keep small businesses in neighborhoods across the city.

This is the sponsor's own case for the bill, quoted from their memorandum. It is not Agora's description of what the bill does.