Food Trucks Are on a Roll, Despite Paperwork
Food trucks are also forming communities, including with competitors, in New York, Washington and Chicago to address local laws and regulations on mobile vending.
Red Hook Lobster formed the NYC Food Truck Association to work with a lobbyist to update some of the outdated New York City parking regulations, Povich says. Paperwork in some cities, including Los Angeles and Washington, is easier to deal with; cities such as New York can be daunting.
New York City's Department of Health and Mental Hygiene oversees food truck vendor permits and licenses. A permit goes to the cart or truck itself, like in a car registration, with one permit per cart or truck. Mobile food vendors may have more than one license, though, says a spokeswoman for the department. They're comparable to a driver's license and means you can work at a permitted cart.The number of permits is capped under the city's administrative code -- just 3,100 for two-year permits and 1,000 for six-month seasonal permits valid from April 1 through Oct. 31, according to the health department. The city allots another 1,000 permits for so-called green carts, those selling fresh produce. Povich estimates a permit waiting list of roughly 4,000; the city did not provide figures. Collecting specific data in general has proven a challenge. For instance, if a restaurant launches a truck, sales from that truck would be counted into the restaurant's total sales and thus fall into the so-called quick-service or full-service segment, Stensson writes. Additionally, many mobile vendors don't have employees, so data cannot be collected that way. Matt Geller, CEO of the Southern California Mobile Food Vendors Association, says Los Angeles is the "epicenter" of the food truck phenomenon because it does not have the same restrictions for mobile food vendors as New York.
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass + 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV