New York Mayor Eric Adams has signed two bills to promote a broad-based, equitable recovery in New York City. The measures; Intro 116 and Intro 383 are expected to create a small business portal and require commercial property registration respectively. Both measures are expected to promote the city’s economic recovery.
The Mayor had pledged to create a one-stop business portal in his economic blueprint. Intro 116 has been sponsored by Council Member Julie Menin. All small business owners will be able to access necessary permits, applications, licenses, and other documentation needed to sustain their business. The Small Business Commissioner shall evaluate the portal’s efficiency and effectiveness every three years.
Intro 383 mandates that vacant commercial properties must be registered twice annually with Department of Finance. These supplemental regustraitons shall be required for any property that’s vacant at the end of the reporting period.
“With the signing of these two bills, we will ensure we are serving our small business community better through a one-stop-shop portal to help them open and operate their businesses, Mayor Adam stated.
High rates of commercial vacancy has negatively impacted the quality of life and stifled the economic growth of the nation. Moreover, centralizing the process of obtaining vital permits and licenses to operate small businesses will provide much-needed assistance to our small businesses across the city.