New York's Storefronts Disappear Amidst Rent Hikes

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It's not a new problem... but it seems to be picking up speed. In the last few weeks, by my count, about a dozen institutions have disappeared. Some of them sold things you simply cannot get anywhere else.

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The wave is lapping beyond Manhattan, too -- deep into Brooklyn, patrons mourned when Rocco's Calamari, an Italian cafeteria that, despite its name, served much more than fried squid, closed its doors.

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It's not just a matter of my personal convenience or quirky shopping habits. The usually well-paying, stable jobs lost when family-owned shops close will not be replaced if chain stores with fast-changing work forces come in. And since many chains are already here, a lot of shop fronts will remain empty, producing no revenue -- and no street life -- at all.

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"The tax and regulatory climate for a small business is nothing short of punishing. At some point, why bother?" [says the investment adviser Frazer Rice].