City Hall’s growing appetite for Gotham’s business revenues is starving small operators and pushing them to Florida.Exhibit A: In a ranking of small business growth, Miami overtook New York City last week.Analysts say that underlines how thousands of New York’s most enterprising, tax-fleeced residents are fleeing for lower-cost places like the Sunshine State.
“Although New York is still booming, the cost of doing business for small business owners continues to rise,” said Rohit Arora, CEO of Biz2Credit, which conducted the research for the rankings by measuring revenues, credit scores and other variables.
“Rents continually increase, and labor costs are high and will continue to increase, since New York has enacted a law to raise the minimum wage to $15.”The Big Apple was knocked from its No. 1 spot last year to No. 4 in the latest national rankings of the top 25 cities for small business growth, which analyzed 30,000 companies.
And the American Legislative Exchange Council once again ranked the city and state dead last in economic competitiveness.