I understand what it takes to run a small business and how stressful it can truly be. The Commercial Rent Tax applies only to Manhattan south of 96th st and amounts to a surcharge on rent for businesses that pay rent over 250k per year. The neighborhood diner, barbershop, jeweler, and coffee shop are all too often priced out of the district and it is a contributing factor to retail turnover.
To preserve the character of our mom and pop stores, as well as to encourage long term growth for small businesses, I applaud Councilman Garodnick's proposal to raise the threshold of who is subject to the CRT from 250k to 500k. The city's revenue would barely be affected while the relief it will provide to small business in District 4 could not be overstated.