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    Developers Must Set Aside Affordable Retail Space in City-Funded Developments

    Small Businesses  •  Citywide

    Council Member Rafael Espinal Jr./Image Credit: John McCarten and New York City Council

    The law will help provide more opportunities for small businesses to remain in the City. On February 23, 2020, Introduction 1408-B was enacted into Local Law 35 of 2020. Introduction 1408-B requires developers to set aside affordable retail space for non-chain retailers within large City-funded affordable housing developments. The requirement will apply to certain affordable housing developments of at least 750,000 square feet that receive $15 million or more in City funds. The law, sponsored by Council Member Rafael Espinal, Jr., was proposed in response to the challenges local retailers face to remain in the City such as the recent increases in retail space rent and competition from chain stores.

    (read more…)

    Tags : Council Member Mark Gjonaj, Council Member Rafael Espinal Jr, Department of Housing Preservation and Development, Department of Small Business Services, Introduction 1408-B, small businesses
    Date:03/04/2020
    Category : City Council
    (2) Comment

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