A new survey found that 87 percent of NYC restaurants were unable to pay their full rent in August. Even with outdoor dining in full swing, the number of restaurants, bars and clubs that did not cover full rent increased from 83 percent in July and 80 percent in June.
- Worth Noting: About 60 percent of the owners said their landlords had not waived any rent during the pandemic — a decrease from the 71 percent who were unable to get rent waived in July. Meanwhile, 90 percent said they were unable to renegotiate their leases because of COVID-19, a 4 percent increase from June. The survey of 457 owners was conducted by NYC Hospitality Alliance.
- Heard on the Street: Andrew Rigie, executive director of the Hospitality Alliance: “Restaurants, bars and nightlife venues have been financially devastated by the COVID-19 pandemic. Even before the pandemic when operating at 100 percent occupancy, these small businesses were struggling to stay open. Now we’re seeing widespread closures, approximately 150,000 industry workers are still out of their jobs, and the overwhelming majority of these remaining small businesses cannot afford to pay rent.” [CO+NYCAllianceReport]