The Crippling Impact of Crime on Local Business
The Historic El Rey Theater, a downtown Albuquerque gem, has been battling an unexpected adversary: skyrocketing insurance rates driven by increasing crime rates. In 2018, the annual insurance costs for the theater owners—Aaron "Buck" Burnett, Joe Anderson, Alejandro "Hano" Blake, and Wes Edling—were approximately $36,000. Fast forward to 2024, and that figure surged to a staggering $132,000. According to Burnett, insurance brokers are turning away from downtown coverage due to a growing fear of crime.
The Consequences of Crime
It's not just the insurance companies that are feeling the impact; the theater's operations are affected too. Burnett recounted a security guard being shot outside the venue and break-ins that have resulted in stolen alcohol. The flood of incidents raises a practical concern: with deductibles as lofty as $20,000, many owners like Burnett opt not to file claims, potentially exacerbating their financial struggles.
Calls for Action and Community Support
Burnett’s frustrations have led him to call for a larger police presence in downtown Albuquerque. He believes that the optimistic portrayal of downtown by local officials, particularly Mayor Tim Keller, does not reflect the reality on the ground. Despite claims of local improvements, Burnett feels that safety issues persist, making it essential for businesses to advocate for their security. On the bright side, the El Rey is also championing local music and culture with an exciting lineup of shows, even planning to expand its footprint with a new speakeasy location.
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