The iconic NYC ice cream parlor is now facing eviction
due to rising rent prices in the area. The landmark has been serving locals for decades, becoming an integral part of the community.
Rents in Manhattan continue to set records even as prices stabilize or decline elsewhere. Urban development experts point out that rents have risen so much in New York because the pandemic disrupted normal patterns, giving landlords an upper hand in pricing.
When the pandemic hit, average new lease prices reached $4,385. After a brief dip to $3,650 following a city exodus, they climbed back to an average of $5,470 monthly by June 2021—a whopping 30% higher than in February 2020.
This trend isn’t just limited to residential leases; rent hikes are affecting SMEs too. The beloved ice cream parlor’s struggle underscores a growing concern: The neighborhood just isn’t the same
without its longstanding landmarks.
An urban development expert was quoted saying that landlords now have significant power due to disruptions caused by the pandemic. So, what does this mean for the future of cherished local businesses?
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