Almost 90% of New York Restaurants Bars Cannot Pay Full Rent

0
58


NEW YORK – Although New York City has made progress in its battle against COVID-19, the effects of the pandemic continue to affect businesses.A new survey released by the NYC Hospitality Alliance found that nearly 9 out of 10 restaurants, bars and nightlife spots couldn’t pay full rent in August.

Although the city’s infection rate remains low, restaurants unable to pay rent remain high, rising from 83% in July to 80% in June.

About 34% of these establishments have not been able to pay rent at all and 60% of landlords still have not waived rent during the pandemic. Among landlords who waived rent, less than one-third waived more than 50%.

The survey also found that 90% of respondents could not renegotiate their lease due to COVID-19.

As businesses continue to struggle to make ends meet, restaurant owners and operators are hoping that resuming indoor dining at the end of the month with 25% capacity will help.

Meals inside had been closed since mid-March to combat the spread of the coronavirus epidemic.

Many of the events that typically occur in the city have changed or been canceled due to the coronavirus, which has negatively impacted the city’s tourism and foodservice industries.

The United Nations General Assembly, which typically results in heavy traffic on roads, hotels and restaurants.

The US Open, another big city event, played in empty stadiums this summer while New York Fashion Week also went virtual.



LEAVE A REPLY

Please enter your comment!
Please enter your name here