From International Business Times – May 13, 2019
New York’s rising tax rates are forcing out small businesses and residents from the Big Apple to low-cost locations including Florida, according to a study.
It notes that the tax-fatigued New Yorkers see greater comfort in places like the Sunshine State. The study on small business growth said Miami has overtaken New York City.
According to analysts, although New York is booming, the cost of doing business in the city is too high, especially for small business owners.
Rohit Arora, CEO of Biz2Credit, who led the research observed that business budget of an entrepreneur in New York is adversely hit by many factors. The study factored in rankings, revenues, credit scores, and other variables of businesses in arriving at its conclusions.
Arora pointed to the rising rents and labor costs ever since New York enacted a minimum wage of $15 per hour.
“New York City mandates paid sick leave. That has hit small business owners hard. The city is becoming less and less friendly for small business owners,” commented Arora.
A survey that accorded national rankings to the top 25 cities in terms of best small business growth also saw New York losing its No.1 Spot in 2018 and slipping to No. 4 this year. The survey examined 30,000 companies in making the final rankings.
Again, New York was accorded the last position in an economic competitiveness data made by the American Legislative Exchange Council.