NEW YORK (CBSNewYork) — A report on restaurant rents from the New York City Hospitality Alliance finds an industry struggling to make ends meet as the pandemic rages on.
More than 400 respondents were surveyed, representing city restaurants, bars and nightlife venues.
Of those surveyed, 92% said they couldn’t afford to pay rent in December. That’s up from 80% in June.
Forty percent of tenants’ landlords have reduced rent due to the pandemic, and 36% of landlords deferred rent.
Fourteen percent of businesses have been able to renegotiate leases.
To view the full results of the survey, click here.
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