NYC landlord giving renters up to $1000 in credit for local shopping to boost small business

A New York City-based landlord and real estate owner added “America’s NewsroomWednesday to explain why he’s giving tenants credit up to $1000 for local shop and dine this holiday season.


“For the past year, I’ve been thinking about what I can do myself to help the city make it better, get it back to where it was…and I think you can always talk about things and bring ideas, you You can criticize, but I felt like I really had to do something,” said HAP Investments chief executive Eran Polack.

When Polack was walking with his son and wanted to buy him football gloves, he said he couldn’t find a store to buy them.

“As if there are no stores. You can only buy it online,” Polack said.

After receiving a “note” at one of his buildings from a struggling store in his neighborhood – New York City’s economy suffered drastically during the coronavirus pandemic – Polack said he wondered how he could lend a hand.

“I thought, let’s do something like a credit card, let’s do something like cashback and that’s how I came up with the idea. First of all, I’m going to help the stores… But I really hope that my tenants will get to know shops nearby through that promotion and will continue to buy from those stores afterwards.”

Giving renters up to $1000 credit is part of the effort to boost New York City’s small businesses.


Polack said any “lock and shop” within a one-mile radius of its building can participate in the program without signing up:

“Our tenants give us the receipt, we calculate the cashback the tenants should get on the rent and our tenants get the cashback on their rent in February.”

Polack’s comments came after the number of Americans who apply unemployment benefits last week fell to its lowest level in more than half a century, the latest sign that the labor market is recovering from the coronavirus pandemic.

While small businesses across the country continue to moan about hiring struggles, supply chain problems and inflation concerns, Polack’s promotion plan is something he hopes fellow landlords around the world will implement.

“I really hope more landlords join me and do that so we can strengthen retail,” he concluded.

Megan Henney of FOX Business contributed to this report.

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