Regulation of commercial rent.

A Local Law to amend the administrative code of the city of New York, in relation to the regulation of commercial rent

The proposed legislation would establish a system of commercial rent registration and regulation applicable to retail stores of 10,000 square feet or less, manufacturing establishments of 25,000 square feet or less, and professional, services or other offices of 10,000 square feet or less. The Mayor would appoint a nine-member Commercial Rent Guidelines Board responsible for annually establishing guidelines and the rate of rent adjustments for covered commercial spaces.