9 out of 10 NYC restaurants could not afford rent in December study finds

A new report from the NYC Hospitality Alliance shows the extreme financial problems restaurants in New York City are facing, as 92% of the city’s restaurants could not afford to pay their rent in December.The number has steadily worsened throughout the pandemic, from 80% of restaurants in June 2020 not being able to pay rent.The NYC Hospitality Alliance’s survey showed that only 40% of restaurants, bars, and nightlife establishments saw their landlords reduce their rent due to COVID-19, only 36% of landlords deferred rent in relation to COVID-19, and only 14% of businesses have been able to successfully renegotiate leases.

Source: 9 out of 10 NYC restaurants could not afford rent in December study finds

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