Success: 83% Of NYC Restaurants Unable To Pay July Rent

The state of the New York City restaurant industry is in dire straits. July proved to be another disastrous month for restaurants, bars, and nightlife establishments across the city with a majority unable to pay rent in July, a new survey found.

NYC Hospitality Alliance surveyed about 500 owners and operators of eateries in the city, with 83% of respondents indicating they couldn’t pay the entire rent in July while 37% paid no rent at all.

 

“Restaurants and nightlife venues are essential to the economic and social fabric of our city, but they are struggling to survive and absent immediate and sweeping relief so many will be forced to close permanently,” said Andrew Rigie, executive director of The Alliance.

“While complying with the necessary pause, our industry has been uniquely and financially devasted. Small businesses urgently need solutions from government leaders at the city, state, and federal level, inclusive of extending the moratorium on evictions, extending the suspension of personal liability guarantees in leases, pausing commercial rent taxes, providing landlords with needed support, and infusing small businesses with enough cash to weather the storm,” Rigie said.

To make matters worse, 71% of owners and operators said landlords “would not waive portions of rent due to COVID-19.” About 61% said, landlords “would not defer rent payments,” while 90% of landlords “would not formally renegotiate leases.”…

https://www.zerohedge.com/markets/financially-devastated-83-nyc-restaurants-unable-pay-july-rent

If they’re making mortgage payments to banks, the landlords are in the same straits as everyone else.   But there’s a very easy fix for most of this insanity: forgive the principals on bank loans.   The banks only destroy the principal as the loans are paid off anyway.   They would still get to keep the interest on the loans, which comprises their income.   So what’s the problem?

The problem is that if money is allowed to circulate on main street instead of being destroyed and re-created by the banks on demand, the economic rebound that it would catalyze on main street would mean the peasants wouldn’t  have to take out as many bank loans.   Fewer loans means less interest payments and fewer foreclosures and seizures.   We could even have a runaway economic boom.   Who wants that?   Much more useful to have homeless families on the street, from a social engineering perspective.

Every “QE” dollar which trickles down from the TBTF banks to the peasants and then vanishes down the drain means a corresponding transfer of real wealth from the peasant treadmill upward to the money magicians.   A continual siphoning of wealth from main street to wall street.  What self respecting satanist would want to shut down that gravy train?   Except now the peasantry is nearly exhausted and the dollar is teetering on the brink, but no worries,  china is there to take up the torch and keep our overlords situated in the opulence to which they’ve grown accustomed.

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