For a restaurant owner, that increased cost of rent is just unreal from a year to year perspective…this is a example of corporate greed killing local businesses in a booming neighborhood
I'm on the side of the building owner. Back in the 90's you could open a store selling belly button lint and make money. Today, selling niche wine and cheese to rich folk just isn't going to cut it. I doubt they'll get $11,000 a month, but no, they can't survive renting below a mortgage. People don't understand what goes into owning a building or house. You may clear rent month after month but then you'll get hit with a disastrous bill for some major issue. It just kills you. Today, literally, I lost a tree in the front yard of a home that is rented below the market. Now, I'm on the hook to pay to remove it and possibly spend thousands repairing the lawn, yet my bank account is empty. The lease is up in September and rent is going up considerably.
