New Survey Shows More NYC Restaurants Struggling To Pay Rent

A report on restaurant rents from the New York City Hospitality Alliance finds an industry struggling to make ends meet as the pandemic rages on.

Video Transcript

MAURICE DUBOIS: A report from the New York City hospitality alliance on restaurant rents finding an industry struggling to make ends meet as the pandemic rages on. More than 400 respondents were surveyed representing city restaurants, bars, and nightlife venues. 92% could not afford to pay their rent in December. That is up from 80% in June. 40% of tenants' landlords have reduced the rent due to the pandemic. 36% of landlords deferred rent, and 14% of businesses have been able to renegotiate their leases.