Council Member Maloney presents Intro 874, the Legacy Business Bill
Virginia Maloney explains that legacy businesses are part of the city's fabric but face rising rents and operating costs. She describes Intro 874 as creating a registry for businesses operating 20+ years and a preservation fund to help at-risk businesses stay open.
Thank you, Councilmember Brewer.
I will now turn it over to Councilmember Maloney for opening remarks.
Thank you, Chair Thomas Henry, for holding today's hearing and also for coming to District 4 to talk about Intro 874 and visit legacy businesses in my community.
Legacy businesses are part of the fabric of this city across all five boroughs.
They're the neighborhood markets, the bookstores, the other family-owned businesses that have been here for decades.
And they're a big part of what makes New York so special.
It's unique character and identity.
But rising rents, skyrocketing operation costs are making it harder for these businesses to survive.
And when a longtime neighborhood business closes, we lose a piece of what makes that neighborhood uniquely New York.
So I'm very proud of the Legacy Business Bill that we're introducing and talking about today, which will create a registry of recognized businesses.
businesses that have served communities for at least 20 years and also have a preservation fund to help those at risk of displacement stay open.
At its core, this bill is about giving long-standing small businesses the support they need to stay in the communities that they helped to build.
Thank you.