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‘Financially Devastated’ – 83% of NYC Restaurants Unable to Pay July Rent

By Tyler Durden | 10 August 2020

ZERO HEDGE — The state of the New York City restaurant industry is in dire straits. July proved to be another disastrous month for restaurants, bars, and nightlife establishments across the city with a majority unable to pay rent in July, a new survey found.

NYC Hospitality Alliance surveyed about 500 owners and operators of eateries in the city, with 83% of respondents indicating they couldn’t pay the entire rent in July while 37% paid no rent at all.

“Restaurants and nightlife venues are essential to the economic and social fabric of our city, but they are struggling to survive and absent immediate and sweeping relief so many will be forced to close permanently,” said Andrew Rigie, executive director of The Alliance. […]

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3 Comments on ‘Financially Devastated’ – 83% of NYC Restaurants Unable to Pay July Rent

  1. If Trump’s EO to put evictions in abeyance holds up, instead of paying rent all renters, including restaurant owners, should put their money in the stock market — they’d get a solid return.

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