Raising NYC Real Estate Prices Push Older Establishments Out Of Business

NEW YORK, NY - APRIL 9: The outside of the Pearl River store, which is closing, is viewed in Manhattan on April 9, 2015 in New York City. Pearl River currently pays $100,000 a month, which would increase to five times that when the lease expires in December. Much of New York City is witnessing a flurry of closings of beloved retail stores and restaurants due to a rapid increase in rent. It is estimated that hundreds of small businesses in New York City, one of the most sought after real estate markets in the world, are forced to close every month as rents for both light industrial and storefront space are up nearly 21 percent since 2010 according to CoStar Group. The dire situation for small businesses has led to the campaign #SaveNYC, a grassroots, crowd-sourced movement aimed to "protect and preserve the diversity and uniqueness of the urban fabric in New York City". (Photo by Spencer Platt/Getty Images)