In New York City last year, more than 15,800 units of affordable housing were financed, providing homes for thousands of New Yorkers. Affordable housing catalyzes economic growth for small businesses through construction, employing a local workforce, spurring neighborhood renewal and creating new revenue streams for government—all things the city needs desperately.
But yet another wage bill currently pending in the City Council threatens not only affordable-housing development, but will effectively strip the ability of any business, beyond the very largest, to compete in the affordable-housing market, and ultimately to survive.
City and state budgets are tight, and the pool of money to construct affordable homes continues to shrink while the need for them continues to grow. The impact of stifling legislation like Intro 730 on small business is severe and unequivocal. Wage-reporting mandates must be eliminated to ensure that affordable housing continues to be built and that small businesses like ours are able to compete.