NYC comptroller Scott Stringer has issued a report about the rising rates of commercial vacancy in neighborhoods across the city. Much of the decline in retail frontage is connected to widespread national trends, such as an increase in online shopping. But Stringer points out that New York’s regulatory climate is too harsh for small businesses to thrive in.
The Facts You Need to Know
Pay: The increase in the minimum wage has made it increasingly expensive for small businesses to employ staff. Read more.
Meddle: Progressive activists and lawmakers continue to find ways to hinder enterprises from carrying out normal business decisions. Read more.
Rent Tax: Many Manhattan businesses are forced to pay a substantial tax on their rent. Read more.
“While local government speaks about supporting small businesses, imposing endless, catch-all regulations does the exact opposite.”
The Past is Present
“New York imposes the nation’s heaviest big-city tax burden—which, in turn, is a major component of the Big Apple’s notoriously high cost of living.”
And in other news...
“An NYPD officer was shot and killed early Sunday morning after a struggle with an allegedly armed suspect in the Bronx.”