The Cost of Doing Business in New York City

According to a recent report sponsored by the Citizens Budget Commission and the Federal Reserve Bank of New York, small businesses in New York City are most concerned about the high costs of doing business here. While generally pleased with their access to skilled labor and markets for their goods, mom and pop companies uniformly point to the current business climate as a major obstacle to success. In various charts, the report shows how City taxes and regulations hamper business, making the prospect of relocation to places like Las Angeles or Miami much more appetizing.

All of this demonstrates the Bloomberg Administration’s policy failure when it comes to small business. The Mayor’s reelection commercials are incessantly touting the wonders of his 5 borough economic plan but the CBC report clearly shows the emptiness of these claims. Higher property taxes, the promotion of mega developments, more aggressive fining and prohibitive regulations all contribute to an anti-small business atmosphere, the worst we’ve seen in over 20 years.

According to the report:

Because of their importance in creating jobs, small businesses merit close attention in the formulation of economic development policies.

But for the Billionaire Mayor all these small entrepreneurs merit is lip service, and election year rhetoric that is mockingly insincere and insulting to hard working store owners.