New York City restaurant owners appear to be increasingly mired in rental debt.
A new survey from the New York City Hospitality Alliance reveals that restaurants in the five boroughs face a grim outlook. 92% of those surveyed say they could not pay their rent in December because the state imposed restrictions on consumption in the interior.
Data compiled by the Hospitality Alliance indicates that the winter season and restrictions had an impact on company finances, similar to 80% in June, 83% in July, 87% in August. and 88% in October. Data was extracted from a group of 400 respondents.
The organization is asking state and federal legislators to provide $ 25 billion in federal aid and to extend the limit on domestic consumption.
“We have been in the public health and economic crisis for nearly a year that has decimated New York City’s restaurants, bars and nightlife,” said Andrew Rigie, executive director of the NYC Hospitality Alliance.
“While the reopening of highly regulated inland consumption is good news, we must safely increase occupancy to 50% as soon as possible, and we urgently need strong and comprehensive financial relief from the federal government.”
Over the course of the pandemic, the NYC Hospitality Alliance says that only 40% of commercial landlords lowered their rent for distressed tenants, while only 36% deferred it. Only about 14 companies have been able to renegotiate what they pay monthly.
The full results of the survey can be viewed here.
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