High-density downtown living needs entrepreneurial small restaurants
The Assembly Regulatory Oversight and Reform and Federal Relations Committee could vote in the coming weeks on a proposed measure to create new liquor licenses for restaurants.
To better understand the issue, the panel has reached out to several experts for testimony, including Rutgers Business School finance professor Morris Davis, who is also the director of the Center for Real Estate at Rutgers.
He pointed out there are certain areas in New Jersey where are liquor licenses are plentiful, and the cost of those licenses is relatively inexpensive, but in other areas licenses are extremely scarce.
"The cost of a liquor license in those areas could be $500,000 or more, so the problem is there's no mechanism to enable budding restaurant owners to acquire a license at a reasonable price in areas where there's clearly a demand for restaurants," he said.