New York City Taxes Are Creating A 1300 Mile Conga Line Of Businesses Moving To Miami
New York City taxes are starving small business owners. However, businesses are not shutting down. They’re just moving to South Florida and it’s showing in the numbers.
Biz2Credit states Miami overtook New York City in small business development last week.
The report underlines how thousands of New York’s most enterprising residents are fleeing to places like the Sunshine State.
Biz2Credit CEO Rohit Arora states:
Although New York is still booming, the cost of doing business for small business owners continues to rise 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.
Studies show New York City taxes knocked NYC from its No. 1 spot last year to No. 4 in the latest national rankings for small business growth.
And the American Legislative Exchange Council also once again ranked the city and state dead last in economic competitiveness.
NYC is No. 1 in collecting revenue from small business owners according to Biz2Credit.
The city is scooping up the cash as fast as it earns it. The city is hiking taxes and hitting businesses with more costs because it’s running out of money.
Mayra Rodriguez Valladares, a capital markets and regulatory consultant, notes that New York City has only about $59 billion in assets to pay $244 billion in liabilities.
Now many New York business owners are moving lock, stock, and barrel to prosperous Miami.
New York City is also losing over a hundred residents to other states daily.