The Small Business Jobs Survival Act (SBJSA) Means:
The Remedy For The Small Business Crisis in NYC.
The SBJSA is a law currently being debated by the City Council. It will level the playing field for every small business that rents commercial space in NYC — retail stores, dentists, working artists, small manufacturers, accountants, etc. — by requiring:
1) Right to a lease renewal;
2) Right to a 10-year renewal lease term (to tenants in good standing);
3) Binding arbitration to establish a rent increase that is reasonable for both landlord and tenant;
4) Inclusion of all commercial tenants (not limited to storefront/retail).
The SBJSA levels the playing field by creating a fairer commercial lease renewal process.
It’s NOT commercial rent control.
New York City has a History of Commercial Rent Regulation.
NYC had commercial rent regulation from 1943 until it was allowed to expire in 1963. It withstood legal challenges over and over again —
If anyone says the SBJSA and commercial rent regulation has “Legal Problems” —