QUESTION
What is the status of the implementation of Local Law 157 of 2019 regarding the reporting of monthly rents and lease status for commercial spaces?
0:58:56
·
6 min
The Department of Small Business Services (SBS) states that the data from Local Law 157 of 2019 is self-reported and collected by the Department of Finance (DOF). SBS does not verify the accuracy of the data.
- The law requires building owners to report information on storefronts and commercial spaces, including monthly rent and lease status.
- This data is self-reported by building owners to the DOF.
- SBS receives this data from the DOF but does not validate its accuracy or completeness.
- SBS relies more heavily on data collected through Local Law 152 and neighborhood research studies conducted with community partners.
Erik Bottcher
0:58:56
I would love to drill down a little bit more on local 157 of 2019.
0:59:03
Local law 157 of 2019 requires that at the start of each year building owners with storefront and Second Floor Commercial Space as well as commercial spaces and residential buildings are required to register with the city, Department of Finance, as part of their annual income and expense filings.
0:59:27
The size, location, occupancy status, monthly rent, lease, status and owner contact information for each space.
0:59:38
Can you give us an update on how how that's working with all those datasets, particularly monthly rent and and lease status, is that information being reported by building owners?
Calvin Brown
0:59:58
So that is self reported data, and we would have to refer to DOF to speak on their report and requirements because that information goes directly to DOF.
1:00:10
We manage the local law 152 using the platform.
1:00:14
So we have a sense of what the storefronts are, but that data on the first floor, second floor, and the sizes of the spaces that information is sent to DLF.
Erik Bottcher
1:00:25
The information is collected by Department of Finance.
1:00:28
But as the Department of Small Business Services, you ostensibly receive that information, you analyze it, you publish it,
Calvin Brown
1:00:43
We do get it, but we don't verify the the legitimacy of of that data, we rely on DLF and their reporting practices.
1:00:53
So, I mean, we have it, but we don't verify whether or not it's accurate or not.
Erik Bottcher
1:01:00
What's your opinion about the the the compliance with local law 157 as the agency that is concerned about small businesses.
1:01:12
This data set are you analyzing it Is it complete?
1:01:19
Can you give us an update on the dataset?
Calvin Brown
1:01:21
I mean, I would just say our opinion of it.
1:01:24
Any information that we get that can help us address any of the concerns that we have along commercial quarters.
1:01:29
We welcome that information whether it's complete or not complete.
1:01:33
All of our we we use a a a variety of tools.
1:01:37
So if it can supplement any of the information that we have, you know, we we use what we can.
Erik Bottcher
1:01:43
Do you do you have the data?
1:01:45
Do you possess the data on monthly rents and lease status for storefronts and commercial spaces in New York City.
Tian Weinberg
1:02:01
If we do, it would be through our CDNAs, which are neighborhood research studies basically, that we help to fund in partnership with community based organizations.
1:02:13
When they identify challenges such as retail vacancy, we support them in doing that tailored review in their neighborhood, which may include convening property owners and looking at data like that through systems like property shark.
Calvin Brown
1:02:29
Yeah.
1:02:29
And the most comprehensive data that we have is the one that we collect the 152.
1:02:34
Local low 152.
Erik Bottcher
1:02:37
The hope was for the the storefront tracker as it was called was that this would provide us with a automatic, regularly updated data set for storefront vacancies, citywide, So we wouldn't have to necessarily rely on ad hoc walking surveys of neighborhoods, and we would get to over time see vacancies, lease terms, rents, and really get a handle on the problem.
1:03:17
It it sounds to me like local law 157.
1:03:22
Isn't fulfilling that promise, that it's it sounds like an incomplete dataset that provides some information but it's not the tool for you that it could be as you seek to support small businesses in New York City.
Tian Weinberg
1:03:41
Council member, I I really appreciate your attention to this.
1:03:45
So we have been looking at local law 152.
1:03:48
And working with LiveX Y Z through our live NYC map, which does city wide surveying and and walking through corridors on a city wide basis.
1:03:58
Every 90 days.
1:04:00
So I do wanna, you know, establish that this is a city wide database where it doesn't necessary I where I'm hearing, you know, your interest is in the Second Floor vacancies as well.
1:04:12
This is really focused on ground floor level and again walking through storefront sorry, through commercial districts, doing a visual canvassing.
1:04:23
And so, certainly, there is more to do across all of our communities We really do think that community based partnerships are the key to that because that also helps us surface solutions for challenges that are identified.
Erik Bottcher
1:04:35
So local law 152 seems to be working in your opinion with respect to helping to provide data about storefront vacancies citywide, whereas local 157, the self reporting data through the Department of Finance doesn't seem to be a primary tool for your agency at this time.
Tian Weinberg
1:05:02
We're really focused on using the new tools that we have, which coincide with local law 152, but would definitely, you know, have to have a conversation with the Department of Finance at the table to understand better if there are any sort of improvements on that front.
Erik Bottcher
1:05:17
I would just finally note that local law 157 says that owners who fail to register or provide or who provide inaccurate information will face fines, and I think that would be a good follow-up to this is to speak with the Department of Finance and get an update on their implementation of local 150 7 if it's even being implemented as the law requires.
1:05:48
Thank you.
