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Manhattan Borough President Gale Brewer and Helen Rosenthal (Getty, iStock) A new bill seeks to reform the lease renewal process for retailers by giving businesses the opportunity to extend their leases regardless of what their landlord says. The City Council bill, introduced by Helen Rosenthal, a Manhattan Democrat, would mandate that for leases greater than one year, landlords notify tenants whether or not they intend to renew 120 days before it expires. If the landlord declines to renew, tenants will have the one-time option to extend the lease by up to one year with a rent increase of no more than 10 percent, as long as they have not previously breached the lease. This applies even if the landlord already has a new tenant lined up, although the current tenant may stay for only 90 days instead of the full year.

New yorkUnited statesPaul fetscherJames whelanAndrew mogerHelen rosenthalGale brewerHelen rosenthal gettyCity councilBrewer small business taskManhattan borough president gale brewerManhattan democratBorough president gale brewerSmall business task forceReal estate boardBrandon singer