Submitted by psychothumbs t3_10y57j1 in nyc
ECK-2188 t1_j7yaudz wrote
Reply to comment by ethanarc in NYC restaurant owners in limbo as City Council stalls on permanent outdoor dining by psychothumbs
That is highly unlikely seeing as said money is predicated on whether the business is still standing.
If they close up shop due to inflation, increased expenses on overhead, or our incoming recession then that “tax revenue from meals” evaporates.
Meanwhile parking spaces will be available for meter and ASP regulations damn near all year round with the exception of holidays and snowfall.
ethanarc t1_j7ybspj wrote
> During the pandemic, Toronto, like many cities, began allowing some on-street parking spaces to be used as patios by local businesses. As reported by The Globe and Mail, residents spent a total of $181 million at curbside patios within 13 weeks of summer in 2021. If those spaces had remained dedicated to parking, only $3.7 million would have been reaped during the same time period. In other words, curbside patios produced 49 times more revenue than what would have been earned from parking fees.
With a sales tax of 8.875% in nyc, the city would be earning around 5x more tax income from dining compared to street parking.
You’re really basing your economic analysis on the possibility that some restaurants might at some point in time be out of business and still have a dining shed up? What kind of wishy-washy ‘I just want the data to say what I want’ logic is that? It doesn’t matter if each and every restaurant shed is always occupied, it earns so much more income regardless.
ECK-2188 t1_j7ynosp wrote
You realize 60% of restaurants fail within their first year on average? 80% within the first 5 years.
As per businessinsider.con
This is common knowledge for anyone in the restaurant business.
Personally I don’t want businesses to fail. I hope they do well and have patrons, but this is just statistically driven data.
DadBodofanAmerican t1_j7zc3lh wrote
Increasing the amount of space they have to sell food increases the likelihood they'll stay open, generating more tax money. And if they close the city should require them to take down the outdoor dining, freeing up that precious parking you're so concerned about.
ECK-2188 t1_j7ze4jh wrote
You don’t have to convince me.
Not my problem.
You have to convince the city :3
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