A Call for Commercial Rent Control

This past week, I had the pleasure of buying a children’s book at the Coliseum located at 42nd Street, across from the library. I say that it is a pleasure because the Coliseum had the book that I wanted at a reasonable price.

Unfortunately, this will be one of the last times I will be able to buy from the Coliseum because in the very immediate future, the Coliseum will have its requiem.

This independent book store was driven from Columbus Circle area because of high rents. Now, it is being further driven out of business because of high rent.

Of course, on 42nd Street, the landlord is biting its chops to rent to a chain store or a bank.

Perhaps the Coliseum is the best example as to what is happening to small businesses throughout the City of New York. Surely it is no secret to the careful observer that at an accelerated rate independent and small businesses are being ousted from their locations so that the landlord can get the increased rents from the banks and the retail chain stores. Obviously this is not good for the City of New York in the long run.

     And now, something has got to be done about it. Perhaps it is too late for the Coliseum, but this City in the past, has had commercial rent control and there is no reason why it should not be brought back at this time to save such businesses. Further, a good percentage of our labor force work in these businesses that are being so targeted. Some of these workers live in rent regulated housing here in the City and when they lose their jobs, they will have difficulty paying the high residential regulated rents.

It is time for the City Council to act on this problem.

     The City should be thankful that the State has not passed an Urstadt law in this regard. So the City does have the power to institute rent control.  The call here is for the small merchant, or Mom & Pop stores and the independent to form an association so they will have political clout to force the City Council and the Mayor to take a strong look at what is occurring in the commercial rent market today. Heed the call, it’s time to act!