Jobs

Manufacturing remains integral to a sustainable and economically diversified City, even one that is post-industrial. While we may not build cars here, we have become a City of intelligent niche manufacturers, who make everything from gloves for entertainers to parts for the Hubble space telescope and military equipment that keeps our soldiers safe abroad, as described in a recent Daily News article. Industrial Business Zones (IBZs) can provide a framework for keeping manufacturing space affordable and increase investment, but will need tougher restrictions to keep higher-rent big-box retail outlets, entertainment, bars and clubs out of designated areas. A codification of the Mayor’s promise not to rezone IBZs to mixed use or residential areas will increase confidence that any future changes would be subject to larger review as well as the political process. 

Tax incentives like exemptions from Unincorporated Business Tax proposed in my June policy paper "Our Next Economy: THE Creative City," and adopted in the City's most recent budget will provide a less costly environment for Creative Class entrepreneurs to join our City as freelancers while encouraging them to start-up a small business in their own right – or join one. Other related high profile tax incentives that have been prioritized by "creative class" members like Assemblyman Jonathan Bing's and State Senator Daniel Squadron’s "Open Source Tax Credit" should be implemented on a City level to provide developers of open source and free software products with the ability to take deductions in the same way as an incorporated business for developing the very same products.

Seed money to build a start-up business usually involves an investment of a quarter million dollars or more. But NYC Seed was recently appropriated only $2 million, which led it to announce that their smallest investment would be $200,000 or more, meaning that only 10 companies or fewer would benefit. In this economic crisis, we should offer micro-seeds of $50,000 or less to as many creative entrepreneurs as possible. Instead of seeding 10 companies, that $2 million would seed 40 companies or more. While $50,000 may not be much for most small businesses, it is just enough for the ICE sector where someone already has a career but might need additional capital to turn their art or website into a full time job and the next big thing. Additionally, micro-seeds would gain access to shared conference rooms and presentation spaces along with technical services for business plans, formation and first round investors. By lowering our initial investment, increasing their number and providing support, New York City is likely to generate many more jobs.