Revitalizing Upstate?

The Story

Governor Cuomo’s Upstate Revitalization Initiative allocates millions of dollars to unproven companies for dubious projects; for example, the state allocated up to $1.3 million to a mysterious Florida firm to derive ethanol from wood. Though the project fell apart before money was paid out, it illustrates the serious questions that surround New York’s subsidy-heavy economic-development plan for upstate. Improving the business climate by cutting taxes and regulations is the far better way to get New York humming again.

The Facts You Need to Know

  1. Decline: Upstate New York’s population continues to shrink, as people flee the region’s depressed economy. Read more.

  2. Overtaxed: New York State maintains one of the country’s worst tax climates for business. Read more.

  3. SEQR: The State Environmental Quality Review Act imposes extensive, duplicative, and business-killing requirements on virtually all development in New York. Read more.

"I have long said that the best economic-development program the state can have is to improve the job-creation climate for everyone and reduce the cost of doing things in New York."

New York Assemblyman Robin Schimminger

Twitter Take

The Past is Present

Getting Economic Development Backward By William J. Stern (Winter 1995)

“Harsh words are flying between New York City and Connecticut over Swiss Bank’s decision to move its North American headquarters from midtown Manhattan to downtown Stamford, lured by tax concessions and energy discounts offered by the Nutmeg State.”

And in other news...

“To prevent the impending lapse of mayoral control over New York City schools, the state Legislature and Governor Andrew Cuomo passed a two-year extension Thursday as part of a larger omnibus bill…”