Opinion: Commercial Rent Stabilization is Our Only Hope

"As president of the board of directors of the Park Slope Food Coop, even with a religiously committed community of shoppers, I can confirm that we've only been able to stay afloat in this economic climate because we own our building. We're not subject to the unaffordable rent hikes that have led many of our neighbors to shut down."

"To point to a recent example: Gino's, a beloved pizza restaurant near Barclays Center and my old apartment, had been a staple in our community for 30 years. Miami-based Tristar Management recently bought the building and raised Gino's rent from $10,000 to $25,000, forcing it to shut down. A chain restaurant or business is expected to take Gino's place. Is this what we want to keep happening throughout our city?"

"Park Slope's small businesses, like Gino's, desperately need more protections to compete against corporate behemoths. They need their lawmakers to pass Small Business Rent Stabilization. I've lived in Park Slope for the past 15 years. Concerts at the independent venue Southpaw, great sandwiches at Bierkraft, and memorable nights at bars like The Sackett or Dirty Precious were what made this neighborhood lively, community-oriented, and everything you imagine when you think of living in Brooklyn as a young adult."

"And yet, every one of those businesses have shut down-mostly because of steep rent increases by landlords. This is an epidemic plaguing New York City and closing down the businesses that made our city what it is. Park Slope alone lost over 30 restaurants in the past year. Between 2007 and 2019, retail rents in New York City increased an average of 22 percent-and more than 50 percent in some neighborhoods-and this trend has only increased post-COVID. In 2024, the city had more than 11 percent commercial vacancies, up from just 4 percent in 200"

Small business owners struggle to keep their doors open when landlords impose unaffordable rent increases. Owning a building can help a cooperative remain afloat, avoiding rent hikes that force other businesses to close. A local example shows a long-running pizza restaurant losing its space after a new owner raised rent from $10,000 to $25,000, leading to closure and replacement by a chain. Independent venues, restaurants, and bars have shut down largely due to steep rent increases, with Park Slope losing over 30 restaurants in a year. Retail rents rose significantly from 2007 to 2019 and increased further after COVID, while commercial vacancies reached more than 11 percent in 2024.

Read at City Limits