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92% of NYC Restaurants could not afford December rent, survey reveals

NEW YORK CITY (WABC) — The return of indoor dining in New York City couldn’t come soon enough for struggling Big Apple restaurants, as a new survey by the New York City Hospitality Alliance reveals 92% of more than 400 respondents couldn’t afford to pay December rent, a number that has steadily increased since the start of the pandemic.

In June, the survey revealed 80% of restaurants could not afford to pay rent; July 83%; August 87%; and October 88%.

The non-profit organization says the year-end figures are dismal for the future of the “Restaurant Capital of the World.”

Before COVID-19, New York City was home to over 25,000 restaurants, bars and nightclubs that employed 325,000 people.

Thousands of eating and drinking establishments have already permanently closed as a result of the pandemic and accompanying restrictions, and the industry shed more than 140,000 jobs in the last year.

According to more than 400 respondents representing New York City’s restaurants, bars, and nightlife establishments, only 40% of tenants’ landlords reduced rent in relation to COVID-19; only 36% of tenants’ landlords deferred rent in relation to COVID-19; and only 14% of businesses have been able to successfully renegotiate leases (61% have not, 24% are in “good faith” negotiations).

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2 thoughts on “92% of NYC Restaurants could not afford December rent, survey reveals”

  1. So……if the government wants to create a pandemic and scare the hell out of people they can do it, just ask Fauci. This pandemic was/is another flu season almost all gone folks. Now, can we just get on with living our life and stop wearing these stupid masks that do absolutely nothing but look stupid.

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