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Regulation of Commercial Rent (Int. 1796-2019)

REGULATION OF COMMERCIAL RENT
Managing Agency
: NYC Council Committee on Small Business
Location: 
Citywide
Project Description
: Proposal to establish Citywide legislation to register and regulate rents for applicable commercial spaces, and to establish a Commercial Rent Guidelines Board.

The proposed legislation would establish a system of commercial rent registration and regulation applicable to retail stores of 10,000 square feet or less, manufacturing establishments of 25,000 square feet or less, and professional, services or other offices of 10,000 square feet or less. The Mayor would appoint a seven-member Commercial Rent Guidelines Board responsible for annually establishing guidelines and the rate of rent adjustments for covered commercial spaces.

Public Hearing Information: The New York City Council will hold a public hearing on Friday, September 17th at 10 AM regarding new regulations for commercial rents (Intro 1976-2019.) Council hearings can be watched live online at council.nyc.gov/live. Members of the public can sign up to testify at virtual public hearings via Zoom Web and/or via Phone. Written testimony may be submitted up to 72 hours after hearing has been adjourned. To learn more about how to provide written or oral testimony at the upcoming public hearing, please go to council.nyc.gov/testify. To learn more about the legislative council process, please visit council.nyc.gov/legislation.

View more information on the city council public hearing webpage:
https://legistar.council.nyc.gov/MeetingDetail.aspx?ID=890490&GUID=3FF7A7DE-5B34-40BE-95F7-60E74A88A168&Options=&Search=

View more information about the proposed bill:
https://legistar.council.nyc.gov/LegislationDetail.aspx?ID=4230081&GUID=B2FF2D24-F642-42A1-BEBB-D8D59E079D99&Options=&Search=

Review a fact sheet with general information about the proposed legislation:
https://docs.google.com/document/d/1qtNIiMzUl6XGTo2Q1FBYoJJhKnpiSQPfexF6_R7l6BQ/edit