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Rules Committee advances ordinance to create Legacy Business Assistance Program fund with landlord sharing requirement
Summary
The committee voted unanimously to send an ordinance to create a Legacy Business Assistance Program fund to the full board; the proposal would require future rent-stabilization grant landlords to share at least 50% of the city grant with legacy tenants and eliminate a clause that allowed lease cancellation if landlords did not receive $4.50/sq ft.
The Rules Committee on March 4 voted unanimously to send an ordinance creating a Legacy Business Assistance Program fund to the full Board of Supervisors with a positive recommendation. Director Katie Tang of the Mayor’s small-business office described two primary changes the fund would implement for the Rent Stabilization Grant Program: (1) for new applicants moving forward the city may require landlords who receive incentive grant funds to share at least 50% of the grant with the legacy business tenant, and (2) the ordinance would remove a special contingency in legacy…
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