92% of NYC restaurants haven’t paid rent since November.
Another week, another restaurant doomsday story.
According to the latest NYC Hospitality Alliance survey, it's becoming increasingly difficult for restaurants across the metro area to pay their rent in full and on time. The return of indoor dining couldn't come soon enough as struggling eateries cling on for dear life.
The survey found 92% of more than 400 respondents couldn't pay rent in December, a number that has exponentially moved higher during the pandemic. In June, 80% of restaurants couldn't afford to pay rent; July 83%; August 87%; October 88%. The trend outlines the struggle Big Apple restaurants have endured since the pandemic began.
|by Anonymous||reply 15||02/22/2021|
“The report's release comes as Gov. Andrew Cuomo eased restrictions on restaurants statewide last week. He said restaurants and bars could stay open longer and has allowed for indoor dining at 25% capacity in the city.
"We're nearly a year into the public health and economic crisis that has decimated New York City's restaurants, bars, and nightlife venues," said Andrew Rigie, executive director of the NYC Hospitality Alliance.
“Cuomo's ban on indoor dining last fall produced a dark winter for many restaurants who had to build tents on their patios or sidewalks to house guests and protect them from the freezing temperatures.
“In response to the ban, restauranteurs across the city prohibited the governor from dining at their eateries.
"He should be banned from every restaurant bar etc he's a scumbag f**k you coumo and di blasio," one owner said.
“With indoor restrictions in place during the holiday season, many restaurants across the city saw a "dramatic loss of revenue" as New Year's celebrations were canceled.
“Some restaurants developed new revenue streams by selling frozen dinners.
“OpenTable shows the percentage of restaurants in New York City accepting reservations from diners remains well under the 50% level, even worse than last October.”
|by Anonymous||reply 1||02/20/2021|
And if he had let it all go on as usual, people would have gotten sick and died and then everyone would have blamed him for not doing anything! God I hate people.
|by Anonymous||reply 2||02/20/2021|
R2 restaurants were never the problem (read the CDC report). They needed to take a “surgical approach” and they didn’t. I guess they were hoping if they drove NY/NYC further into bankruptcy the Fed government would bail them out.
|by Anonymous||reply 4||02/20/2021|
Someone doesn't know the meaning of the word "exponential".
|by Anonymous||reply 5||02/20/2021|
Isn’t it like bankruptcy?
It happens very slowly, and then all at once?
|by Anonymous||reply 6||02/22/2021|
Well, as long as Starbucks survives!
|by Anonymous||reply 7||02/22/2021|
Anybody who has dealt with restaurant orders knows there is a definite pecking order when it comes to who gets paid:
1. Coke/meth dealers
2. BMW/Benzo payments (gotta keep up appearances).
3. Alimony/Child Support
4. Suppliers, trade and other
5. Employees/Payroll Taxes/Benefits
|by Anonymous||reply 8||02/22/2021|
So what does this mean?
Are 92% of NYC restaurants going to be evicted after the moratorium is up?
Are Cuomo and the NY legislature preparing any relief? What is the solution?
|by Anonymous||reply 9||02/22/2021|
I'm pretty sure Schumer is owned by a consortium of real estate bigwigs. So, this package he has introduced--with a bipartisan co-sponsor--kills two birds with one stone.
|by Anonymous||reply 10||02/22/2021|
R10, is that federal money for NYC restaurants?
|by Anonymous||reply 11||02/22/2021|
Only wealthy friends and campaign contributors will benefit.
Small businesses will be crushed.
|by Anonymous||reply 12||02/22/2021|
[quote] is that federal money for NYC restaurants?
"Hours after the Senate voted overwhelmingly to pass an amendment to the proposed budget resolution to establish a dedicated restaurant relief fund, the $120 billion RESTAURANTS Act of 2021 was reintroduced to Congress Friday as a bipartisan, bicameral effort from Sens. Roger Wicker (R-Miss.) and Kyrsten Sinema (D-Ariz.), and Reps. Earl Blumenauer (D-Ore.) and Brian Fitzpatrick (R-Pa.)."
[quote] Only wealthy friends and campaign contributors will benefit. Small businesses will be crushed.
"The reupped legislation is modeled after the bill introduced last Congressional session (and passed by the House in October) and would create a $120 billion fund to provide relief for foodservice businesses with less than 20 units. Business operators would be able to apply for grants up to $10 million to cover expenses incurred during the pandemic, retroactive to Feb. 15, 2020, and would end eight months after being passed into law, according to the Independent Restaurant Coalition."
""The Senate made it clear today: it's time to save restaurants and bars," Erika Polmar, executive director of the Independent Restaurant Coalition. "There is undeniable bipartisan support across the country for a dedicated restaurant relief fund. The Senate knows that the only way we can fully recover our economy is to ensure neighborhood restaurants and bars can survive and continue employing over 11 million people.”"
|by Anonymous||reply 13||02/22/2021|
[Quote] restaurants were never the problem (read the CDC report).
What CDC report? Reports out of South Korea and China pointed directly at restaurants
|by Anonymous||reply 15||02/22/2021|