Res 0496-2026

Res. No. 496 ..Title Resolution calling on the New York State Legislature to pass, and the Governor to sign, A.5568A /S.8319, known as the New York City Small Business Rent Stabilization Act, in relation to instituting a commercial rent control system in the city of New York and creating the commercial rent guidelines board ..Body By Council Members Cab�n, Thomas-Henry, Avil�s, Hanif, Epstein, Far�as, Santosuosso, Hudson, Oss�, Louis and Joseph Whereas, New York City is enriched by its small businesses; and Whereas, Small businesses define and invigorate neighborhoods, serve as unofficial community centers, employ almost half of New York workers, bring communities together, and introduce New Yorkers to cuisines, products, and experiences that could enrich their lives; and Whereas, But so many beloved New York City businesses have been pushed to close, and some communities are consistently reminded of this loss by the presence of a vacant storefront or a new chain store taking the place of small business; and Whereas, According to New York City's Economic Development Corporation (EDC), roughly 8,400 businesses closed in the second quarter of 2025; and Whereas, EDC also found that in the same quarter only 3,500 businesses started, marking the weakest quarter of new business formation in five years; and Whereas, In a 2026 report from the New York State Comptroller's Office, they found that the growth of small businesses in New York lags compared to the rest of the country; and Whereas, According to data from New York City's Department of Small Business Services, the citywide vacancy rate is over 11% of the city's roughly 143,000 storefronts; and Whereas, A deeper look per borough shows that Manhattan has the highest vacancy rate at roughly 14%, then Brooklyn around 12%, Queens 9%, Bronx almost at 8.5%, and Staten Island around 8% ; and Whereas, Manhattan's vacancy rate translates to 1 in 7 storefronts remaining vacant; and Whereas, The cause of a vacancy can be attributed to myriad of reasons, but many small business owners highlight higher rents as a significant challenge in New York City; and Whereas, A study from the Association for Neighborhood and Housing Development (ANHD) found that between 2019 and 2022 there have been rising rents in Bronx, Brooklyn, and Queens; and Whereas, Between 2019 and 2022, ANHD reported that in rent Queens experienced a 9% increase, Brooklyn a 25% increase, and Bronx a 31% increase; and Whereas, Businesses have reportedly found themselves priced out of neighborhoods and the vacant spaces often appear to be filled by chain restaurants or remain vacant until a high paying tenant becomes available; and Whereas, A.5568A introduced by Assembly Member Emily Gallagher, pending in the New York State Assembly, and S.8319 introduced by Senator Julia Salazar, pending in the New York State Senate, seek to enact the "New York City Small Business Rent Stabilization Act"; and Whereas, The New York City Small Business Rent Stabilization Act would create a commercial rent guidelines board to set maximum annual rent increases for commercial tenants; and Whereas, It would also provide at-will tenants with the right to request a written lease, provide lease renewal rights with a default 10-year renewal term, and would apply to all leases and rental agreements for commercial spaces; and Whereas, As treasured New York City businesses grapple with unaffordable rents that could threaten their existence, it is imperative that legislators step up to provide much needed protections; now, therefore, be it Resolved, That the Council of the City of New York calls on the New York State Legislature to pass, and the Governor to sign, A.5568A /S.8319, known as the New York City Small Business Rent Stabilization Act, in relation to instituting a commercial rent control system in the city of New York and creating the commercial rent guidelines board. LS #23480, #23756 05/22/2026 RLB