According to information released Thursday by state Comptroller Thomas DiNapoli, almost half of all New York City restaurants and bars could close permanently in the next six months.
DiNapoli’s report stated that “the pandemic threatens the future of thousands of bars and restaurants.” His report notes that the restaurant industry provided 317,800 jobs, paid $10.7 billion in total wages, and delivered nearly $27 billion in taxable sales in 2019. He said due to the closures from the pandemic this year tens of thousands have been left unemployed. He also noted that taxable sales for the city’s restaurant industry have dropped 71 percent in 2020.
“New York City’s bars and restaurants are the lifeblood of our neighborhoods. The industry is challenging under the best of circumstances and many eateries operate on tight margins. Now they face an unprecedented upheaval that may cause many establishments to close forever,” DiNapoli said. “Restaurants reflect our diversity, employing tens of thousands of immigrants and providing a range of options fitting for a world-class metropolis. It’s important that the state and city continue to be creative and bolster the industry. The city’s decision to extend outdoor dining year-round to help keep restaurants afloat is a step in the right direction along with opening for indoor dining.”New York State Comptroller, Tom DiNapoli
“New York City’s restaurant industry is vital to our economy and Comptroller DiNapoli’s shocking new report confirms with data the economic devastation that COVID-19 has inflicted on these vital small businesses,” said Andrew Rigie, executive director of the NYC Hospitality Alliance. “The Comptroller’s report sends a critical message that must be heard by policy makers and New Yorkers at large, which is, that in order to save our city’s greater economy, our restaurant industry must be at the core of its recovery. While we are appreciative of the government actions taken so far to support our restaurant community and the hundreds of thousands of people it employs, many more polices must be enacted by all levels of government to help save these small businesses and our economy.”New York Comptroller, Tom DiNapoli