A new in-depth analysis released by New York City Comptroller Scott M. Stringer shows that the rate of empty and vacant storefronts across the five boroughs has skyrocketed by nearly 50 percent over the past decade, rising to a high of 5.8 percent in 2017. This report uses never-before analyzed data to show how online retailing, rising commercial rents, and burdensome regulatory hurdles fueled the rise in vacant storefronts
Twenty-four in-depth neighborhood profiles showcase the local reality as some neighborhoods see vacancy rates up to 25 percent. Comptroller Stringer identifies several main causes and has proposed a series of measures to address these conditions, including a tax incentive for retailers in high-vacancy areas; reforming City bureaucracy that stalls the construction, inspection, and permit processes; and improving planning for how retail spaces are developed.
For further information or questions about this report, contact Luke Wolf, Manhattan Borough Liaison, Office of New York City Comptroller Scott M. Stringer, at email@example.com