Retail rent stabilization proposed

October 13, 2008 12:54PM

Council Member Robert Jackson plans to introduce a bill that would require
small businesses and landlords to submit to arbitration in negotiating retail lease
renewals if the parties can’t agree on a fair rent. The legislation aims to
preserve small businesses by prohibiting large
rent hikes in short-term lease renewals. The bill states that lease renewals would be set at a
minimum of 10 years, unless otherwise agreed upon, and arbitration would be
triggered if either party disputes the rent increase rate. The rates would
allow for no more than a 3 percent rent increase each year.

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