A new bill has been proposed by California state senators Scott Wiener and Lena Gonzalez that could allow businesses in the state to get out of their leases more easily, reports Eater. The bill states that if landlords and tenants can’t agree on a new rent that takes into account decreased sales due to the COVID-19 pandemic, tenants would be able to terminate the lease. The bill would also put in place a commercial eviction moratorium for businesses and nonprofits. However, the bill excludes publicly traded companies from terminating leases.
In a tweet, Wiener said the bill, “creates space for hospitality businesses to renegotiate rent where capacity has been slashed due to social distancing.” He added, “We want these businesses to survive. It’s in all of our interest, including the landlords.” Full Story
Related: Insurance Considerations Related to the Pandemic; Union Members Reach Agreement with CA Grocers.
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