It wasn’t supposed to be like this. Initially we were told there would be a brief shutdown of the economy and life as we know it, and then the city and nation would return to normal.
That was four months ago, and as we head into the fifth month of the coronavirus pandemic, the outlook is increasingly grim for the future of many New York restaurants. How many? As this report from CBS New York reveals, a survey by the New York City Hospitality Alliance found that 83% of restaurants were unable to cover their entire rent bill for July, and 37% paid no rent at all.
One of the restaurateurs interviewed in the report estimates that her restaurant’s revenues are down 68%.