Shop Owners Of A New York

1596 Words Jun 18th, 2015 7 Pages
I. Introduction
Vivian Yee wrote an interesting article, titled “Shop Owners in a Changing Brooklyn Decide to Call It Quits” at the New York Times on May 25, 2015.1 This article describes the changing situation in Brooklyn has caused small business owners in this borough decide to exit the market. The author mentioned that the property values and the rent fees increased significantly. Furthermore, the Brooklyn that previously occupied by small businesses such as a Polish sausage and craft-beer emporium Eagle Provisions; Caffe Edison; Pen Books; De Robertis Pasticceria and Caffe; Teddy’s Bar & Grill, has transformed into banks, luxury apartment buildings, gym and other upscale chain stores.
Jeremiah Moss, in his article in NY Daily News, titled “The NYC we love is disappearing: It’s becoming a hollow city for hollow people”, wrote that “wherever the towers of big development rise, the rents rise with them”. 2 He declared that the median rent for vacant apartments is about 60% of median income. And for business spaces, the landlords are doubling, tripling, even octupling the rents or denying lease renewals. They preferred to leave the spaces vacant for months or years, waiting for the highest bidder with the very high rent fee, such as $40,000, $60,000, $80,000 a month. This caused small businesses to close down. Businesses that have closed are not the new ones, instead, businesses that have long runs of more than 20 years, even more than 100 years, such as Teddy’s Bar &…

More about Shop Owners Of A New York

Open Document