Skip to comments.Half of NYC restaurants, bars may close for good due to COVID-19: audit
Posted on 10/01/2020 7:06:13 AM PDT by ChicagoConservative27
CORONAVIRUS IN NY Teachers union chief threatens legal action if de Blasio shuts down schools Coronavirus clusters in these NYC neighborhoods growing at an alarming rate It's past time to pull the plug on Andrew Cuomo's dictatorial pandemic powers State Liquor Authority's unjust enforcement deadly to lockdown-strained bars, eateries As many as half of all New York City bars and restaurants could shutter permanently within the next six months due to the coronavirus, according to a stunning new audit released Thursday by State Comptroller Thomas DiNapoli.
The report lays bare the extent of the pandemics fiscal impact on one of the citys lifeblood industries, which only saw a return to indoor dining on Wednesday at a meager 25-percent of normal seating capacity.
The industry is challenging under the best of circumstances, and many eateries operate on tight margins, said DiNapoli. Now they face an unprecedented upheaval that may cause many establishments to close forever.
(Excerpt) Read more at nypost.com ...
Epic clash of personalities!!
Trump builds, empowers, liberates
de Blasio destroys, constricts, oppresses
the difference is clear ... no wonder the Left is pissed, they were used to always getting their way ... no one has ever fought them this hard!!
In the previous cycle, NYCs decline from prosperity to overspending to economic contraction to massive debt to massive flight, to near bankruptcy took 20 years from top to bottom. The conditions were laid in Robert Wagners mayorship, accelerated downhill under John Lindsay, and crashed under Abe Beame. It then bounced along the bottom under Ed Koch.
Id say we are still in the crashing phase. Having a communist like De Blasio in power will only amplify the pain. The next 10 years in NY City will not be good.
Yes I said pink states. We have DeWhine here in Ohio doing essentially the same thing. His health guru quit due to the backlash she was getting and the fool DeWhine tried to hire a replacement from South Carolina with Planned Parenthood ties. So much for pinky DeWhine (yes I’m spelling his name wrong).
Although it pains me to point it out, after a fire, pretty soon actually, green shoots of new growth appear.
So it will be with closed businesses. The old businesses might be dead and gone, but new and eager entrepreneurs will come to the conclusion that they may as well try it for themselves.
A function of recession and the covid scare is the weeding out of weak and marginal enterprises. There was recently an article morning the passage of a business operated by a 71 year old man. The presstitute was wanting the owner to talk about rebuilding.
My thought was the guy was probably relieved. He no longer had to worry about the business and what to do.
Please do not take this as praise for the Governor and mayor who purposely caused the deaths to promote some foolish political end. Both have forfeited all rights to call themselves American
Wow. You’re right about that connection.
Nope, they are closing for good because of Tyrants Cuomo and Deblasio.
COVID has nothing to do with it.
I never thought NYC would ever come to this after 9/11. This Covid charade has done more to destroy people,places and things far beyond 9/11.
fredo and deblahz should consider beefing up their current personal protection contingent, i.e. bodyguards..
Most of these places will go out of business even if they are allowed to open to 100% of their capacity today. With NYC employers allowing millions of their staff to work from home, many of these restaurants and bars have seen most of their customers disappear.
It’s a phenomenal thing to witness in the short term, and enormously painful and vexing to speculate about in the long term-—but those are the facts, and all the Dem chickens finally came home to roost, and it’s their doing that they DESTROYED one of the world’s great cities. It has no appeal EVEN FOR TOURISTS> there is no way Governor and Mayor can ever bring it back because they don’t even recognize that they killed it.
I don’t think these statistics will apply to the outer boroughs..... People are patronizing neighborhood restaurants in residential areas... The outer boroughs don’t have all these fancy restaurants that only cater to the rich or restaurants that cater strictly to a commuter business crowd.... Most outer borough restaurants were surviving doing takeout orders during lockdown... People have been dining outside a lot the last few months at their favorite neighborhood places....Manhattan is a completely different story
I work on major infrastructure planning projects, and before the COVID-19 fiasco the latest numbers I had seen were that something on the order of 1.6 to 1.7 million people commuted into Manhattan on a typical weekday. That number effectively doubles the island's population of 1.6 million residents every day of the work week.
The "green shoots of new growth" you mention are going to happen. But they're going to happen in the places where those 1.6-1.7 million people LIVE, not where they used to WORK.
“The federal government, meanwhile, should step up with more funding after the August closure of the Paycheck Protection Program, DiNapoli found.”
Where was his finding when Trump offered to even pay for the National Guard to protect citizens at their use? Why is it that liberals use the state government as a position of power, dictate all the rules, and when it fails look for help from the place that warned them not to do what they did to begin with to appease voters that they have everything under control?
They lie, they cheat, they steal. Short list of names in that category are former Gov. Eliot Spitzer, former Assembly Speaker Sheldon Silver, former state Senate Democratic leader John Sampson, former state Senate Majority Leader Malcolm Smith, former state senator Carl Kruger, former attorney general Eric Schneiderman.... Interesting list of criminals coming out of one state all connected to the democratic political machine. Voters there are either bribed or just plain stupid.
You are right. Commercial rent, especially in a place like NYC, is calculated to siphon off all of the gain from the use of the leased space at its most productive level, less a modest profit for the tenant. See Ricardo's Law of Rent. So, a restaurant operating at 25% capacity cannot by design pay its rent, much less make a profit.
Yelp says 60 percent in San Francisco.
Cultural suicide. Our culture is largely bad. But there some extraordinary restaurants :(
Well, that may be. I don’t have a handle on the demographics.
Recently I saw a report on a gazillion $$$ development somewhere on Manhattan. They apparently tore down a lot of old stuff and built a monster development. The video showed gleaming floors and storefronts but no people. I would hate to be the bankers with outstanding loans on that place.
People arent going to restaurants and businesses because ANTIFA/BLM have turned cities into hellholes courtesy of their democrat leaders. NOT BECAUSE OF COVID.
Portland is an Antifa/BLM CESSPOOL. So are other Democrat cities.
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