A New York City-based landlord and property proprietor joined “America’s Newsroom” Wednesday to clarify why he is giving renters credit up to $1000 for local shopping and eating this vacation season.

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“For the last year, I’m thinking about what I can do myself to help the city to make it better, to bring it back to where it was… and I think like you can always talk about things and you can suggest ideas, you can criticize but I felt like I really need to do something,”  HAP Investments CEO Eran Polack stated.

When Polack was strolling along with his son, wanting to buy soccer gloves for him, he stated he couldn’t discover a retailer to purchase them.

“Like there are no stores. You can only buy it online,” Polack stated.

After receiving a “note” at considered one of his buildings from a struggling retail retailer in his neighborhood – New York City’s economy has suffered drastically throughout the coronavirus pandemic – Polack stated he puzzled how he may assist.

“I thought, let’s do something like a credit card, let’s do something like cashback and that’s how I come up with the idea. First of all, I will help the stores… But I really hope that my tenants will get introduced to stores in the neighborhood by that promotion and after that will keep buying from those stores.”

Giving the renters credit of up to $1000 is a part of the hassle to help stimulate New York City’s small businesses.

final week fell to the bottom degree in additional than half a century, the newest signal the labor market is bouncing again from the coronavirus pandemic.

While small businesses nationwide proceed to lament over hiring struggles, provide chain points, and inflation considerations, although, Polack’s promotional plan is one thing he hopes fellow landlords all over the place will implement.

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

FOX Business’ Megan Henney contributed to this report.