1srelluc
Diamond Member
New York City lost nearly 5,000 businesses last year: report
New York City lost nearly 5,000 businesses early last year as employers closed their doors or left for other low-tax states, according to a new report.
komonews.com
NEW YORK (TCS) — New York City lost nearly 5,000 businesses early last year as employers closed their doors or left for other low-tax states, according to a new report.
The analysis comes as newly elected Mayor Zohran Mamdani pushes to hike business taxes to foot the bill for his agenda.
The report, released Thursday by the Economic Development Corporation, showed more than 3,500 new businesses opened their doors in New York City during the second quarter of the fiscal year, but that was offset by a loss of about 8,400 employers. That's the weakest quarter for business formation since the height of the COVID-19 pandemic, the report's authors said.
The corporation's report is the latest to highlight New York City's shrinking business sector with employers looking to other low-tax states as Albany piles on new regulations and costs.
Mamdani's plans call for increasing the state's top corporate tax rate by about half, up to 11.5% from its current maximum of 7.25%, which has caused concerns among New York City's business community. If approved, that would match the highest corporate rate in the nation next door in New Jersey. He's also called for "wealth" tax and a $30 per hour minimum wage for the city.
Yeah, sort of a "water is still wet" report but I find it interesting that a Seattle news agency is doing a report on NYC businesses leaving the city.
KOMO should be doing a story on how many businesses have left Seattle as a result of its liberal leadership.....It's not like they are gonna lure NYC businesses to Seattle.
Then there is this:
NYC faces $12B budget deficit, drawing comparison to 2008 financial crisis – as Zohran Mamdani uses dire forecast to push taxing the rich
The Big Apple was in the red — even before the socialist takeover.
nypost.com
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