"The skyscrapers may seem as large as icebergs, but the real strength of the city's economy can be found at street level. City, state and federal economic bureaus note that 98% of all businesses in the Big Apple are small businesses, which is defined as having fewer than 100 employees. Many of them are retail outlets, restaurants, bars and nightclubs but all of them deal with a great number of economic struggles."
"Chief among these struggles is the miasma of city regulations that small business owners must navigate not only to open the doors but to also keep them open. Those regulations come with fees and financial penalties (for non-compliance) that quickly add up. It's no wonder that a business failure is just as easy as a business opening in New York."
"It goes without saying that high fines and fees are a symptom of business closure, and it need not be so. This is why it was so encouraging to see Mayor Zohran Mamdani sign an executive order on Wednesday mandating that seven agencies dealing directly with small businesses catalog and review every single fee and penalty, and find ways to cut fees and penalties down over the next six months."
New York City’s economy is driven by small businesses, which comprise 98% of all firms and have fewer than 100 employees. Many are retail shops, restaurants, bars and nightclubs that confront significant economic challenges. A major challenge is extensive city regulations that create fees and financial penalties for noncompliance, contributing to frequent business closures; a report estimated 4,910 openings and 5,310 closures in the first quarter of 2025. Mayor Zohran Mamdani signed an executive order directing seven agencies to catalog and review every fee and penalty affecting small businesses and to identify reductions over six months. Safety-related fees remain exempt.
Read at www.amny.com
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