Strategy in Action

Between 2007 and 2017, New York’s commercial vacancy rate doubled, reaching nearly 20% in many neighborhoods. Retail rents rose an average of 22% citywide, and by more than 50% in some neighborhoods. In 2019, 77% of immigrant small business owners said they were overburdened by their rent. ​​While 2.5 million New Yorkers live in rent-stabilized apartments, there are no similar protections for commercial tenants.

The Fair Rent NYC campaign has pushed the New York City Council to pass the Commercial Rent Stabilization Bill #1796. The proposed legislation would establish a commercial rent guidelines board made up of tenants, landlords, and experts in property management, economics, and community development. The board would set annual rental adjustment rates for retail and office spaces up to 10,000 square feet and manufacturing establishments up to 25,000 square feet. In determining the rate, it would consider economic conditions, commercial real estate taxes, operating costs, financing, and vacancy rates, among other factors.