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Discussion in 'Off-Topic' started by mikeyp, Jan 10, 2019.
Someone would probably sue you for not providing them the equal opportunity to rent the space for $1
There are valid reasons not to rent. One is anticipated redevelopment. Another is a contemplated sale of the building since commercial leases often have 5 or 10 year renewal options. Yet another one is if you rent out at a relative low in the market, you devalue the sale price of the building since rents are a primary factor in determining the value of commercial rental property.
This problem is very unique to NYC. NYC has an INCOME tax. No revenue to the landlord, no revenue for the city. In Boston or Chelsea or Dighton, not renting it out has no economic consequence to the municipality.
I think Sinatra needs to change the lyrics. . .
I wanna wake up, in a cityyyyyy that isn't cheap!
Actually, the Town of Arlington also enacted a bylaw purporting to penalize the owners of vacant storefronts. So far as I know (and I make no claim to have stayed on top of the issue), the bylaw has not yet been enforced.
One reason may be that classically one of the elements of title to realty is the right to exclude all others. As a result, it would seem that an empty storefront penalty amounts to a pro tanto confiscation of the property, which I thought requires both a valid public purpose and fair market value compensation.
As that great philosopher Robert Zimmerman once wrote, " For the times, they are a-changin'."
The trick is to make the fake rental look legit.
Black out the windows so nobody can see in from the street, then put up a sign that says "Meditation Studio". Throw in some rugs and cushions, an incense stencher, a few lava lamps, a hookah, and a stereo with a selection Harold Budd CD's. Then how could the city inspectors say that it isn't what it claims to be ???
Atlas Shrugged was set in New York for good reason.
The term commonly used in legal circles for confiscation or devaluation of real-estate is a "taking".
If you don't want to pay any tax, open a church until you can find someone to rent it.
Maybe they can just turn all the empty store fronts into 3rd world churches like they do here in Brockton.
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