The Percentage Of NY Bars And Restaurants That Couldn’t Afford To Pay Their Rent In August Will Blow Your Mind
(Tea Party 247) – The coronavirus pandemic and the subsequent lockdowns that the vast majority of the country experienced during those months when the spread of the virus was at its peak have been wreaking total hell on America’s economy and while things are starting to look up across the nation, there’s still some spots that are being hit hard.
Like New York City for example.
According to new reports, almost 90 percent of the bars and restaurants in the Big Apple could not afford to pay their rent in August, which is absolutely devastating to the city’s economy, putting undue strain on people who have already endured unbelievable suffering from both the virus and the incompetent politicians who were supposed to guide them through it.
Here’s more on this mess from the NY Post:
Eighty-seven percent of bars, restaurants, nightclubs and event spaces in the five boroughs could not pay their full August rent, according to data from 457 businesses surveyed between Aug. 25 and Sept. 11, in a new study released Monday by the nonprofit NYC Hospitality Alliance.
It’s a 7 percentage-point increase from June and a four-point jump from July, darkening the dire picture for eateries desperately seeking relief following six months of partial — and in some cases total — closure due to COVID-19 shutdowns.
Some 34 percent of this group said they could not pay rent at all last month, and only 12.9 percent were able to meet full payments.
“Restaurants, bars and nightlife venues have been financially devastated by the COVID-19 pandemic,” said alliance executive director Andrew Rigie.
“Even before the pandemic when operating at 100 percent occupancy, these small businesses were struggling to stay open. Now we’re seeing widespread closures, approximately 150,000 industry workers are still out of their jobs, and the overwhelming majority of these remaining small businesses cannot afford to pay rent.
“The hospitality industry is essential to New York’s economic and social fabric, and to ensure the survival of these vital small businesses and jobs, we urgently need rent relief, an indefinite extension of outdoor dining, a roadmap for expanded indoor dining, covered business interruption insurance and immediate passage of the Restaurants Act by Congress,” he added.
When asked if landlords were waiving rent in relation to COVID-19 hardships, just 40 percent of businesses responded in the affirmative — 28.5 percent said less than 50 percent of their rental obligations were waived in August, 43 percent said 50 percent and 28.5 percent said they were given a break on more than 50 percent of their rental fees.
Meanwhile, 90 percent reported they have been trying to negotiate their leases, but their landlords wouldn’t budge.
The real question this raises right now is whether or not NYC will ever be able to recover from this disaster? As of now, the city is expected to do a partial reopening of restaurants and for indoor dining at the end of the month, though these establishments will only be open up to 25 percent capacity. That means they will still be missing out on a sizable chunk of income.
This makes NYC the last area in the state to actually start opening up again, a month behind the state of New Jersey.
Folks, if we don’t find a way to move past this fear and hysteria, our economy will continue to take a beating, and as a result, you’ll see suicides and depression rates skyrocket. But that doesn’t seem to really matter much to the radical left.
With this virus and the closures, they see a political opportunity to try and defeat Trump in November. Unfortunately, the citizens they are supposed to be serving are the ones paying the price for their malice toward the president.
Featured image credit: Ted Eytan