The state of the New York City restaurant industry is in dire straits. July proved to be another disastrous month for restaurants, bars, and nightlife establishments across the city with a majority unable to pay rent in July, a new survey found.
NYC Hospitality Alliance surveyed about 500 owners and operators of eateries in the city, with 83% of respondents indicating they couldn't pay the entire rent in July while 37% paid no rent at all.
"Restaurants and nightlife venues are essential to the economic and social fabric of our city, but they are struggling to survive and absent immediate and sweeping relief so many will be forced to close permanently," said Andrew Rigie, executive director of The Alliance.
"While complying with the necessary pause, our industry has been uniquely and financially devasted. Small businesses urgently need solutions from government leaders at the city, state, and federal level, inclusive of extending the moratorium on evictions, extending the suspension of personal liability guarantees in leases, pausing commercial rent taxes, providing landlords with needed support, and infusing small businesses with enough cash to weather the storm," Rigie said.
To make matters worse, 71% of owners and operators said landlords "would not waive portions of rent due to COVID-19." About 61% said, landlords "would not defer rent payments," while 90% of landlords "would not formally renegotiate leases."
Indoor dining in the city remains halted, "outdoor dining service is not generating sufficient revenue to cover rent and other expenses, small business owners in the industry continue to express significant concerns about surviving the pandemic and staying viable in the future," said The Alliance.
Through July, OpenTable restaurant data reveals foot traffic at eateries remains depressed.
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11 comments:
NY is done. Businesses are closed. People are leaving. Moving companies can't keep up with demand. Democrats are most certainly unable to lead.
No different than down here... The Titanic hit the Iceberg.
For u snowflakes...Businesses are the Titanic and the closedown is the Iceberg.
Same result = most business won't survive.
Sad indeed - remember to vote in Nov.
Is America great again yet?
your democratic party did this to us you biatch
they released the virus on us
so.....F off opiate Olsen
Overpriced places getting their Karma !!!
The slow roll (fast?) into communism will see most private for-profit businesses close. The elite banking families are taking it all through consolidation and monopoly pricing.
America is already gone even if some do not yet realize it.
Sad indeed.
It was a great run while it lasted!
Can’t the same be said for Salisbury. Look at the rents in the area vs the ability to make enough to afford that rent.
Surprise surprise surprise
I beg to differ. Barbers salons big Box stores gas stations auto repair shops still etc still doing lot of business. opening allot of new opportunities are springing up because of the situation. factories will be in full swing to place items pillaged. Some industries will suffer but frre enterprise and captialism will prevail
How is being good slaves working out for you??? Hows that socialism and communism working for you, that you all practically begged for and now got??? Remember, when the robots take your job, and they will, what are you going to do then??? They have robots, that make the burgers, puts it on the grill, flips them, puts them on the bun, puts condiments on them, wraps them, and sends it on its way... They can do that with fries and drinks to!!! There is a company who now makes pizza restaurant 100% robotic, except for the human to deliver it, and soon that will be taken over by self driving cars... Where are you retards going to work when robots do your job for you????? Yeah you people are to stupid to think about the future, which is why your business are gone today!!! or soon will be, but keep on wearing your mask!!! And remember, they will go after the kids and use the kids thins time around, MARK MY WORDS!!!!
Good, hope Ocean Cities rich land owners are suffering!
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