City Council Holds Public Hearing Today on ‘Small Business Jobs Survival Act’
After languishing for over thirty years, a lifeline might be thrown to struggling small business owners. City Council later today is holding a public hearing for the polarizing Small Business Jobs Survival Act.
Only in the last couple years has the forsaken legislation gained traction, owed in large part to the #SaveNYC grassroots campaign founded by blogger-standard bearer Jeremiah Moss (from Vanishing NY). Councilmember Ydanis Rodriguez reintroduced the SBJSA which led to the hearing.
More about what the bill entails:
Legally vetted and deemed fully constitutional, the SBJSA gives existing commercial tenants a few basic rights, including: 1. the right to renew the lease, 2. a minimum 10-year extension, and 3. equal rights to negotiate a fair rent, with third-party arbitration if an agreement between tenant and landlord cannot be reached. In that case, the arbitrator may determine a reasonable increase, a decision based on multiple factors, including current fair market rates for similar properties.
The closure of Coffee Shop last week, as well as the exorbitant 136% rent increase forcing McNally Jackson Books from Prince Street, are the most recent examples of why the city needs to act.
Unchecked greed is eroding what makes our city great.
Advocates are rallying at noon today on the steps of City Hall, ahead of the 1:00pm hearing. Members of the public can sign up to speak. Expect lots of drama on both sides of the aisle, so to speak.