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Wishing for the halcyon days of yore when mom-and-pop shops dotted New York City doesn’t explain or address today’s retail realities.
Among the varied reasons to consider: Retail space inventory is rising, demand is falling and online purchases are undermining the economic viability of brick-and-mortar stores across America.
Local government has increased the burdens on retail stores: rising real property taxes, the New York commercial rent tax, living-wage requirements, paid sick leave and byzantine land use regulations.
It would be ironic, and legally dubious, to add to these costs by taxing vacant storefronts. The overwhelming majority of landlords would love a rent-paying tenant to occupy their retail space instead of leaving it vacant. It is the economically rational thing to do. http://commonpitchnyc.com
Market forces are adjusting and prices are falling. In fact, the Real Estate Board of New York’s latest retail report shows rents softening by 25 percent along the s...
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