It turns out that more suffocating regulation in one of the most aggressively regulated cities in the U.S. is not helpful to businesses...go figure...
In fact, rising operating costs, bureaucratic delays and persistent inflation are putting growing pressure on New York City businesses, with restaurant owners warning that operating in the five boroughs is becoming increasingly difficult, according to MSN/NY Post.
The strain is now showing up in employment figures. A new report from City Comptroller Mark Levine found that New York City's private sector lost approximately 30,000 jobs in August and September, bringing total losses over the past year to roughly 32,000. September accounted for about 23,000 of those cuts, following another 7,400 in August.
The MSN/NY Post piece says that hospitality and finance were among the hardest-hit industries. Restaurants, hotels and other leisure businesses shed 7,700 positions in September despite a relatively strong tourism season. Employment in the sector has declined by 17,000 over the past year, while financial services companies eliminated nearly 6,000 positions in September.
Business owners say the figures reflect an affordability crisis. Sam Musovic, owner of Upper East Side cocktail bar Sojourn Social, said soaring food prices and rent contribu
