A commercial rent control bill that would set up a rent registration and regulation system for retail buildings would end up harming the small businesses it purportedly aims to protect, multiple real estate groups say.
The bill from Brooklyn City Councilman Stephen Levin, known as Intro 1796, is scheduled for a hearing Friday in the City Council. The commercial rent regulation system would apply to retail buildings that span 10,000 square feet or less, and it would be similar to the structure in place for residential rent regulations. A Commercial Rent Guidelines Board with seven members appointed by the mayor would be in charge of establishing the rate of rent adjustments.
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