QUESTION
What are the regulatory measures affecting storefront vacancies, and how might recent reforms change the trends?
0:45:07
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113 sec
The deputy commissioner explains that proposed reforms by the Department of City Planning and the City of Yes initiative, combined with strategies from the Department of Small Business Services (SBS) involving local partners and grant programs, could create opportunities to fill vacant storefronts.
- The SBS identifies growing sectors like juice bars, sports stores, and coffee shops.
- The agency aims to support struggling sectors like toy and party supply stores through program design adjustments.
- The SBS's Avenue NYC and Neighborhood 360 Grant programs include a storefront improvement component.
- A Business Improvement District is working with a nonprofit to activate vacant storefronts through temporary uses.
Oswald Feliz
0:45:07
What are some of the regulatory measures that mostly affect storefront vacancies?
0:45:12
And also do you see anything changing based on the many conversations we're having with the City of Yes, also local law 151 of 2023.
0:45:24
Do you see any of those new potential reforms affecting see rates or trends?
Calvin Brown
0:45:30
I I just knowing what is being proposed by the Department of City Plan and the City of Yes.
0:45:35
I think once again along with some of the strategies that SBS has, working with our local partners, employing some of our grant programs.
0:45:44
I think in tandem, they would help open up opportunities that are currently not there.
0:45:49
So, you know, hopefully, that would be, you know, opportunity to fill those spaces.
0:45:55
Once again, you know, we know that there are growth areas that things that are trending up like juice bars and sports stores and coffee shops.
0:46:05
These are things that are doing well.
0:46:07
So we are identifying those things that are doing well.
0:46:09
And then looking at the sectors that are not doing so well and seeing where we may be able to provide support, like, you know, toy stores or party supply stores.
0:46:19
So we're using that information that we're collecting from live, information that we're getting from our local partners to feedback into our program design to see where we need to pivot as part of our avenue NYC and neighborhood 360 Grant.
0:46:32
1 of the program components is storefront improvements.
0:46:36
So we're trying to help our local partners I be vigilant and and and identify these challenges that they're having along their commercial corridors.
Tian Weinberg
0:46:44
Chair, I would like to highlight that the Fordham Roadbid is currently working with a nonprofit to do temporary activations and 3 vacant storefronts in in your district.
0:46:54
So I think it would be a great thing for us all to sit down together and think more about some local interventions.
Oswald Feliz
0:47:00
Thank you.
