Small Business, Co-Op Apartments Mixed Up in New York Bill

The debate about the Small Business Jobs Survival Act continues in New York City.
May 26, 2018, 7am PDT | James Brasuell | @CasualBrasuell
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An opinion piece by Stuart M. Saft argues on behalf of condominiums and co-ops in in opposition to the Small Business Jobs Survival Act, currently under consideration by the New York City Council.

The bill, according to Saft, would "prevent co-operative apartment buildings from managing the commercial spaces within their premises and undermine the financial stability that these retail storefronts and offices contribute to their residential communities."

According to Saft, there are 1,500 co-operative apartments in the city with ground floor commercial space, and all 100,000 households would be negatively affected by the legislation.

Saft explains that although the bill is "ostensibly mean to install small retailers, its impact would be to thwart thousands of residential buildings’ ability to maintain control over the occupants of their retail space." 

The Small Business Jobs Survival Act has strong support from City Council President Corey Johnson, according to an article by Harry Bubbins from January of this year.

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Published on Friday, May 25, 2018 in Crain's New York Business
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