"NYT Report: 9 of Every 10 Restaurants and Bars in N.Y.C. Can’t Pay Full Rent" by Jerri-Lynn Scofield
Posted on Naked Capitalism on September 24, 2020 By Jerri-Lynn Scofield, who has worked as a securities lawyer and a derivatives trader. She is currently writing a book about textile artisans. Like many New Yorkers, I cannot begin to imagine the place without a thriving restaurant culture. This is just another respect in which the COVID-19 pandemic has hit the city hard and despite dropping COVID-19 numbers, there’s no end for the restaurant industry in sight According to the New York Times, 9 of Every 10 Restaurants and Bars in N.Y.C. Can’t Pay Full Rent : The ongoing travails of the industry were underscored by a survey released this week by the New York City Hospitality Alliance, which found that nearly nine out of every 10 dining establishments had not paid full rent in August and that about a third had not paid any rent. Outdoor dining alone has not replaced any meaningful proportion of lost revenues. Yet nor will the much touted return of indoor dining at reduced capacity b...