POLICY PRIORITIES IN 2024

SMALL BUSINESS SUCCESS

New York City’s small businesses—a vital part of the local economy—were both the businesses hit hardest by the effects of the COVID-19 pandemic, and the drivers of NYC’s economic recovery.

Defined by the Chamber as businesses employing fewer than 50 workers, small businesses are incredibly important to New York City’s economy, making up about 94% of all private firms in the city. Ranging from corner retail locations to professional consulting firms, small businesses help power New York City’s economy. They contribute to our city’s dynamism, giving our neighborhoods their unique and diverse cultural identities. They provide income to approximately 1 million workers, and together generate $250 billion in direct economic impact.

Unfortunately, these businesses face many challenges in New York such as high state and local taxes, burdensome employer mandates, high operational costs, difficulty securing capital, public safety concerns and more. The Chamber has a history of conducting outreach to these businesses and providing training and technical assistance to help them thrive. The Chamber has also been a strong voice and advocate on their behalf.

Specific policies we support include:

• Funding to support technical assistance programs for small businesses, such as the Small Business Resource Network operated by the Five Borough Chamber Alliance (including the Manhattan Chamber of Commerce)
• Projects and initiatives that decrease storefront vacancy and increase foot traffic in Manhattan’s commercial corridors
• Relief from the Commercial Rent Tax which only applies to businesses south of 96^th Street in Manhattan
• Adoption of an amended version of the “Storefront Business Bill of Rights” at the city level
• Requiring the city to produce Economic Impact Statements to assess the broad implications of city legislation on businesses, employment and cost-of-living before being voted upon

REGIONAL COMPETITIVENESS 

Texas, Florida and other southern states have enjoyed major economic and population growth during the past decade. By contrast, New York State has lost almost 2 million residents since 2010, leading all 50 states in exodus rates. Manhattan, in particular, led all counties in the nation in population loss during the Covid pandemic. Very importantly New York’s once robust and powerful 45-seat Congressional delegation now stands at a mere 26 seats, and has been falling after every census since 1950. Playing a large role in this out-migration is the high cost of living, inadequate  public education options in many areas, and quality of life concerns around public safety, traffic congestion and long commutes, sanitation, and the threat of reduced municipal services and/or higher taxes because of budget constraints.

New York must actively strengthen its competitive environment to attract and retain top talent—many of whom can work remotely from any locale they desire—and the businesses that want to be where the best talent can be found.

Specific policies we support include:

• Availability of more affordable childcare options. The Chamber supports the Better Child Care NYC platform of policy reforms
• Adoption of the Supportive Intervention Act, state legislation which would expand interventions for people having mental health crises
• Reform of recent discovery laws that are overly stringent and are causing a growing number of repeat offenders to be released on technicalities
• Continued enforcement and closure of illegal cannabis shops