ICSC Opposes New Legislation Establishing Commercial Rent Control Rochester Chapter

ICSC is working with the Real Estate Board of New York (REBNY) to oppose new proposals that would establish Commercial rent control and have a detrimental effect on small businesses, the real estate industry and New York City overall. The two bills in question each create some form of commercial rent control in New York City:

  • Intro 1796 establishes a commercial rent guidelines board of seven Mayoral political appointees tasked with setting annual rent increases for certain commercial tenants including retail stores and offices of 10,000 square feet or less.
  • Intro 2299  establishes an automatic right-to-renewal process that would allow a tenant the option to extend their lease in certain cases for up to one year with not more than a 10% rent increase. 

“ICSC opposes this new legislation establishing Commercial rent control, which would have a detrimental effect on small businesses, the real estate industry and New York City. These are precisely the areas that have been hit hardest by the pandemic and the ones that need the most support,” stated Tom McGee, President & CEO of ICSC. “Both bills encourage landlords to deprioritize smaller tenant spaces which typically are more supportive and aligned with the unique needs of a neighborhood. They are examples of government encroachment into the free market system and ignore negotiated contractual agreements. They will take an even greater toll on the marketplaces industry and will have the opposite effect of what is intended.”

The City Council will hold a virtual hearing on these bills on September 17 at 10 am. ICSC General Counsel & Senior Vice President Lesley Campbell is slated to testify.

How you can help? Click here to email your local councilmembers.
ICSC will continue to work with REBNY and keep members posted on new developments.
For more information contact ICSC Global Public Policy at gpp@icsc.com.