Joanne Podell testifies against Intro 90's mandatory lease extension from broker perspective

Hi, good afternoon.

Thank you for your time today.

Gail, how are you?

I haven't seen you in a while.

We know each other from lots of different places.

Before I start, I just want to mention quickly, I owned a small business before I became a retail broker.

And so I understand the sensitivity.

I understand how hard it is to run a business.

And I'm very respectful.

Of the need for small businesses to have protections.

I just don't think this is one of them.

I'll just read you my testimony.

Thank you for the opportunity, by the way.

New York City's retail market is strong, and much of that activity is being driven by small and independent businesses, which is fantastic, which is really what we want.

The successful retailers are renewing their leases, often in advance of lease expiration.

And what I mean by that is when you're doing well in a store,

The first thing that you want to do is go to your landlord and say, hey, I'm having a great year.

I've had a great run here.

I want to stay.

So it's not necessary that you have this additional time.

The time comes in advance of that.

You know that your lease is expiring.

Owners and tenants are continuing to work together and reach agreements that allow businesses to grow and invest in the neighborhoods.

It's often a partnership.

In the decades of work that I've done, I often see businesses and owners reach agreements on any issues that may arise during the lease term.

I always say the same thing.

Don't worry about the lease.

You've got to work together.

Pick up the phone and call your owner.

Ask them what you need and see if you can get it together.

I support the council's goal of...

protecting small business and improving transparency.

However, I have concerns that some provisions of Intro 90 will do the opposite, as Steve has mentioned.

First, the mandatory lease extension could delay that next generation.

We've got people that are organized to take possession of spaces, and with the idea that they can't get it that quickly, it's going to hurt them.

When a lease reaches the end of its agreed-upon term, it's a great opportunity for a new, fresh business to start, one that may serve the residents of the community.

And knowing that the tenant has this right could also make owners less willing to take a chance on these new and growing businesses.

And I think that's the biggest issue from the young and growing businesses, that they won't get opportunities for leases as quickly.

Because they will have the problem of, I don't know if these guys are going to make it, but I'm going to have to deal with them anyway for another year.

Anyway, thank you.

I have more to say, but I only got two minutes like everybody else.

Thank you.

Thank you.