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NYC Slips from Top Rank for Small Businesses
High rents and construction costs in New York, along with new mandates from the city, have pushed Miami ahead of the Big Apple in a ranking of the best cities for small businesses, Crain’s New York Business reported.
New York, which was number one in last year’s ranking by Biz2Credit, also fell behind San Jose and San Francisco this year to rank fourth. Boston, Philadelphia and Charlotte all rose significantly in the top 25.
“Although New York is still booming, the cost of doing business for small business owners continues to rise,” said Biz2Credit CEO Rohit Arora. “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.”
Mandates such as paid sick leave have also added to costs, making the city “less and less friendly to small business owners,” Arora said.
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- ◦Economy
