NYC businesses lost ‘tens of millions,’ due to looting..
It’s safe to say most of us have been fired up and passionate in the midst of widespread protests for change across the country.
While the majority of protestors have been peacefully taking a stand for the justice of George Floyd and several other victims of police brutality, some individuals with misdirected intentions have intertwined into the protests. It has been reported that New York City businesses have suffered an estimated loss of tens of millions of dollars in damages at the hands of theft and vandalism.
Over the last few nights, groups of rioters and looters have smashed windows, raided empty stores, and destroyed merchandise. Some of the smaller businesses that were preparing to open after weeks of quarantine will never recover from such a financial loss.
The damage estimation costs include the expense of repairs, increased security, and insurance costs. From Sunday night to Wednesday, the hardest hit areas have been noted as SoHo, Midtown Manhattan, and sections of the Bronx. Within these areas, hundreds of storefront windows were smashed leading to 80 percent of retail businesses boarding their windows.
These recent looting sprees have escalated the risk of permanent shut-downs for small businesses across New York City. In the next few weeks, distressed business owners will face the difficult decision of investing in large repair costs or closing their doors.