We need immediate and comprehensive RENT RELIEF.
We strongly support legislation that will be introduced to the New York State Assembly by Assembly Member Harvey Epstein. After listening to our concerns and heeding our input, Assembly Member Epstein drafted a bill that calls on landlords and tenants to face this rent crisis together—to share the burden of saving the fabric of the city we love.
- Under the bill, a small business or small non-profit (covered tenants) with 25 or fewer employees that has suffered a demonstrable loss in income resulting from state mandated closures or state imposed restrictions would affirm its losses to the state Department of Financial Services (DFS). Upon verification by DFS, the covered tenant would pay its landlord the lesser of 20 percent of its revenue or ⅓ of the contractual rent per month, beginning March 7, 2020, and continuing for 180 days past the end of the NYS on PAUSE period.
- The landlord would waive 20 percent of the contractual rent. An impacted landlord would be eligible to apply to DFS for lost income beyond the 20 percent. $500,000,000 of expected federal aid would be dedicated to the establishment of a DFS program providing relief to tenants and landlords.
Please join us in supporting this bill. Without relief, the landscape of New York City will be changed fundamentally. And forever.
We are facing the catastrophic loss of thousands of small and micro businesses, the economic and social cornerstones of our communities.
New York is on PAUSE, but the bills have not paused. The rent has not paused. NOTHING has paused except our ability to survive. Without rent relief, untold numbers of storefronts will shutter. For good. Communities will lose vast numbers of jobs, essential services, vitality and more.
We will lose the very fabric of our city.
We are urging our representatives to pass legislation that encourages cooperation between landlords and small businesses, and ensures we share in this hardship together.
Sign HERE to help preserve the fabric of the city you love.
More information at www.saveourstorefronts.nyc