This bill will change the whole face of the USA and will give us all opportunities as small businesses
Which will create more jobs immediately.
Purpose:
To reduce commercial vacancy rates, stimulate local economies, and support small business growth by encouraging reasonable commercial lease pricing.
Section 1: Fines for Extended Commercial Vacancies
1.1. A commercial property that remains vacant for over six (6) consecutive months will incur a monthly fine, payable to the city, beginning in the seventh month of vacancy.
1.2. The fine will increase in tiered increments:
- Month 7-12: 1% of the assessed property value per month.
- Month 13-18: 2% of the assessed property value per month.
- Month 19 and beyond: 3% of the assessed property value per month.
Section 2: Exemptions
2.1. Properties undergoing documented, active renovations or awaiting government permits are exempt for up to 12 months, provided evidence of progress.
2.2. Exemptions may apply to properties experiencing documented delays due to market disruptions or unforeseen circumstances beyond the owner’s control, as deemed by city review.
Section 3: Incentives for Leasing to Small Businesses
3.1. Commercial property owners who sign leases of two years or more with small businesses (fewer than 50 employees) will receive a tax incentive equivalent to a percentage of the annual property tax, adjustable by local authorities.
3.2. Property owners who voluntarily reduce rents to 80% of market rate or below to lease to small businesses are eligible for an additional tax credit.
Section 4: Allocation of Fines
4.1. Revenue generated from fines will be allocated to a Small Business Growth Fund aimed at providing grants or low-interest loans to new and existing small businesses within the community.
Section 5: Impact Review
5.1. A formal impact study will be conducted every two years to assess the bill’s effect on commercial vacancy rates, rental prices, and small business growth.
5.2. Findings will guide potential adjustments to fine percentages, incentive structures, and exemption policies.
I hope my voice will be heard - I live in California and we have lots of vacancies and owners don’t care dreaming some huge cooperation will come give them their price meanwhile the property is vacant for 5 years. Please please please - I would like to call the act as my last name GIRHISH
Growth Initiative for Revitalizing High-Impact Storefronts Holdup
This proposal introduces fines on commercial vacancies to incentivize reasonable lease pricing, with exemptions for valid delays and incentives for leasing to small businesses. Revenue will support small business growth, encouraging economic activity and accessible commercial spaces.