More than 40 businesses looking to set up shop in the Bronx have been stymied by a serious shortage of affordable real estate, according to a report to be released tomorrow by City Limits’ sister organization, the Center for an Urban Future.
As “The Big Squeeze” documents, small businesses from Sunset Park to Long Island City are suffering an unprecedented space crunch that has pushed up real estate prices and has forced out an increasing number of growing companies. City government has failed to aggressively encourage development of vacant and derelict industrial properties. And an increasing number of landlords are intentionally warehousing their property for speculative purposes.
The report argues that this crunch costs the city well-paying jobs at a time when New York grapples with an unemployment rate nearly double the national average and a mandate to move tens of thousands of people off public assistance and into jobs.
Read more at www.NYCFuture.org or get a copy from Jonathan Bowles at (212) 479-3347.