Typically NY situation is, up-and-coming restaurateur opens in a crappy underutilized space, takes a long-term e.g. 7-year lease. Lease is up, every established restaurateur and dilettante thinks they can make a fortune there, rent rises to where nobody can make much of a buck, often new restaurant closes shortly after.
I don't know why there are so many freaking banks, New Yorkers refuse to walk and are worth money to banks. But a restaurant is a huge pain in the ass to a landlord compared to a bank.
I wonder what the effects would be of cities requiring a long term lease to get a restaurant permit? Would landlords just not go along and we'd see fewer restaurants? Maybe, but it could be an interesting experiment to find out.
Typically NY situation is, up-and-coming restaurateur opens in a crappy underutilized space, takes a long-term e.g. 7-year lease. Lease is up, every established restaurateur and dilettante thinks they can make a fortune there, rent rises to where nobody can make much of a buck, often new restaurant closes shortly after.
I don't know why there are so many freaking banks, New Yorkers refuse to walk and are worth money to banks. But a restaurant is a huge pain in the ass to a landlord compared to a bank.