Almost 90 percent of NYC bars and restaurants couldn’t pay August rent

Post by grey-area » Tue, Sep 22, 2020, 6:20 AM UTC

dannyw wrote: post #76

grey-area wrote: post #57

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Yes there's something going on we don't understand, because some places that were hit very hard first time round are not seeing a second wave.

Perhaps the "something" is simply antibodies and herd immunity? 1. In April (!!), 1 in 5 NYCers tested positive for antibodies: https://www.nytimes.com/2020/04/23/nyregion/coronavirus-anti... 2. Given asymmetric social contact patterns, experts estimate that ~20% may be the threshold for herd immunity of COVID: https://theconversation.com/coronavirus-could-it-be-burning-... I support looking at the science, and this…

Post by just-juan-post » Tue, Sep 22, 2020, 6:21 AM UTC

dwaltrip wrote: post #171

just-juan-post wrote: post #160

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If people are scared and won't go to restaurants and bars then why continue to keep them closed? You are saying that patronage is already down so why even restrict them? Give people and businesses a choice in the matter. This is about letting individuals and businesses make their own decisions without the government forcing them to close.

This isn’t about people making decisions for themselves. It’s about preventing the spread of infectious disease. You might be fine, but if you are asymptomatic, you can directly harm or kill others and not even know it. That being said, I’m not sure what the best policy is. It doesn’t seem feasible to have a complete lockdown that extends for many months. So we have to be clever, keep learning, and find good solution…

Post by Dylan16807 » Tue, Sep 22, 2020, 6:25 AM UTC

kgc wrote: post #73

swiley wrote: post #20

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God no. They've been sitting on empty buildings for years. It's time for them to default on the underwater loans and let people actually put the wasted space to use. Every city in the US has a similar issue including the one near where I grew up and it's the weirdest most broken thing. I remember many times walking down streets flanked by empty buildings with homeless people sleeping outside.

If they have been sitting on empty buildings for years, why would they want renters now? I expect they would just continue to keep their buildings empty and continue to be unaffected by this pandemic.

Post by _v7gu » Tue, Sep 22, 2020, 6:30 AM UTC

jariel wrote: post #42

ABCLAW wrote: post #29

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Over the course of a given rental, unless the property was purchased almost immediately before a real-estate crash or rental crisis, the amount of cashflow generated by a tenant will cover the majority of the volume required to generate equity in the property. In certain cases, the financing for commercial real estate, for instance, will literally substitute the credit rating of tenants for those of the landlords - b…

This ignores the fact that if there were such obvious financial incentives, then restaurant owners would simply just buy said properties. 'Property management' is a real thing and businesses don't want to necessarily own property. Managing property is a service like any other - and rates for their goods are market based - just like any other market. "If a landlord is rendered insolvent, they aren't even rendered dest…

Post by jlg23 » Tue, Sep 22, 2020, 6:31 AM UTC

daheza wrote: post #127

clairity wrote: post #118

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nyc and other municipalities really bungled the categorization of risk. restaurants and bars shouldn't have been lumped together in the first place. most restaurants could have employed some modest measures and stayed open at 80-90% capacity (which may be below break-even for some, but probably enough to ride out the pandemic with price hikes and/or modest gov loans), as risk is isolated between tables (no, that one…

I feel like this might ignore that a good portion of restaurant sales are from the bar. Chilis, Applebees, to an extent BJs Restaurant. I feel only a few companies have adopted to the fact that you can deliver alcohol. There's no reason that those bar sales, can't be from the restaurant over postmates or uber eats.