Albany News 10 reports that a new report from the Public Policy Institute of New York State has found that New York’s high taxes, regulations, and overall cost of doing business are driving away businesses and causing population decline. The report surveyed over 500 business leaders and found that 72% do not believe the state’s economic conditions are good, and only 21% believe the state is on the right track. The report also found that New York has lost its competitive edge, ranking 50th in both migration and taxation for the 2020-2022 period. The report argues that the state’s prohibitive regulatory and legal environment, high taxes, and expensive worker’s compensation and health insurance claims are preventing growth and stifling new investment and innovation.

“Ashley Ranslow, New York State Director at the National Federation of Independent Business, said she agrees with the findings of the report, which ‘lays out the facts and data behind what’s driving that sentiment that small businesses are struggling.’ She questioned the volume of regulations coming from the Empire State compared to other blue states or other states in the Northeast.”

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