New York is a big city of small businesses. From hot dog stands to crypto startups, ninety-eight percent of businesses in the Big Apple employ fewer than 100 employees. And these small firms are suffering in a big way: Business revenue is down by more than 50%, and some 42% of small businesses in the city have shut their doors since January 2020. These revenue losses and closure rates are among the highest in the nation and are especially impacting the restaurants and nightlife that are essential to maintaining NYC’s status as The City That Never Sleeps. And now that a slate of candidates is running to be New York City’s mayor, we should ask: What will they do for the city’s entrepreneurs?
The good news is that the Big Apple’s small businesses are not being ignored. Nearly every competitive candidate for mayor has pragmatic and constructive ideas for boosting entrepreneurial opportunity in New York City which are worth examining in detail. What is more, their proposals closely align with the Manhattan Institute’s own policy playbook for small businesses, from regulatory “shot-clocks” to markets for micro-loans and startup advocates. New York’s next mayor should rightly aim to make the Big Apple the best place to start and run a business in America — and by doing so set an example for every leading city across this country.
Read Full Article »