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NYC taxes are squeezing out small businesses to Florida

By
John Aidan Byrne
Published May 12, 2019, 12:42 a.m. ET

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.

The city is No. 1 in annual revenue for small business owners, trailed by Miami, according to Biz2Credit. And in another financial positive, from a separate study by BizBuySell, cash flow among local New York businesses is surging. Median cash flow today is $146,670, compared with $135,340 in 2018.

But the city is scooping up the cash as fast as it earns it, hiking taxes and hitting businesses with more costs because it’s running out of money, analysts warn.

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.

“Moreover, this burden grew by an additional $1,600 for every New York City resident every year since 2014,” Rodriguez Valladares told The Post.

Now many New York business owners, instead of enduring more tax-and-spend pain, are moving lock, stock and barrel to prosperous Miami, as well as other, more attractively low-cost locations, analysts say.

“Other [New York City] mandates, such as paid sick leave, hit small business owners hard. New York is becoming less and less friendly for small business owners,” said Arora.

It’s another reason analysts say New York City is losing so many residents to other states — well in excess of 100 daily by the most recent estimates.

Meanwhile, sales of high-end condos and business enterprises in Miami to recent New York arrivals are booming.

“New York is still the place where the revenues are highest,” said Arora. “However, Miami is not that far behind, which is one of the major reasons it ranked No. 1 overall.”