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Committee hears estimates of commercial unpaid rent; officials urge grants, scaled legal aid and landlord negotiation supports
Summary
The Budget Committee reviewed BLA estimates of unpaid commercial rent and heard pleas from small-business advocates for more grant funding, mediation and targeted legal support to avert mass vacancies when the commercial eviction moratorium ends June 30.
Vice Chair Safaee convened a hearing focused on commercial leases and unpaid rent for businesses affected by COVID-19, centering neighborhood retail, restaurants and other small businesses.
The Budget and Legislative Analyst presented an estimate of unpaid commercial rent based on taxable-sales declines and square-footage rental models: monthly unpaid commercial rent in 2020 was estimated at roughly $19.1 million to $44.9 million, and the cumulative unpaid rent over nine months could be $172 million to $404.5 million. The BLA emphasized that retail and food-service outlets accounted…
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