sometimes loans are necessary and just a part of everyday living (one example
being for a mortgage), sometimes they can be incredibly overwhelming. This has become the situation with many taxi
drivers in New York City.
an endeavor to facilitate this situation, a panel of individuals has been
appointed by the New York City Council. A
bailout for the many taxi drivers who have been exploited by loans is being
proposed. The price tag could potentially
hit $500m with a new partnership made up of public officials and private
individuals who would take on the debt that cab drivers have which they used to
buy their own cabs. Many of them fell into the category of immigrants who wanted
to find a way to make money when they first came. According
to City Council speaker Corey Johnson:
“We know that folks in this industry have suffered tremendously. I’m really excited that after six months of painstaking work and effort, the task force is going to be releasing a variety of recommendations that we think could stabilize the industry, plan for the future and help alleviate the suffering.”
drivers aren’t the only New Yorkers who have been overwhelmed by loans. But earlier this month a very old student
debt was just reversed in New York Bankruptcy Court. The argument used by the
lawyer in the case was the enormity of the debt that was too unrealistic to be
1993-1996, Kevin Rosenberg took out student loans, then went to the Navy for
five years and then needed more loans for his 2001-2004 stint in law
school. All in all he owed over $116,000
which swelled to $221,000 by the end of 2019.
While paying it back he ended up with negative $1,500 per month.
New Yorkers are currently facing a
strong job market. According to a recent Fed report
published by the Center for Microeconomic Data, lower income workers are
increasingly meeting with the opportunity to leave their current positions as
better jobs are coming up. This rate is
higher than it has been in five years.
In addition, CareerBuilder Chief
People Officer Michelle Armer believes this trend is “unsurprising” given the
current job climate and opportunities that exist. Further, she refers to a study
that predicted an increase of 3.1 million low-wage jobs from now until 2023,
giving individuals the ability to look around and not necessarily accept the
first job offer that comes their way. As
well as wages, there are benefits and other perks that could sway one to take a
In New York itself, employment in the
clean energy sector is booming. According to a recently report from the New
York State Energy Research and Development Authority, 77 percent of all clean
energy employment in the region is in energy efficiency. Clean energy as an employment sector is very
strong – in all its capacities – throughout the entire area.
Industries ebb and flow with how they generate income. The two sectors we will focus on here are:
beer and fitness. They are currently
providing New Yorkers with jobs and the economy with wealth.
It seems that beer is good business. At least in New York. The industry’s growth has been so impressive that last
year a staggering $3.5 billion was generated in “direct economic impact,
through beer production, sales and the operation of brewery tasting rooms”
according to a report undertaken by John Dunham and Associates (JDA).
More than the revenue is the job market. The industry in New York alone is giving
11,000 people jobs, equaling $722 million in salaries. In fact, it’s estimated that without a trace
of the beer industry, 20,000 jobs wouldn’t exist. Add this to the mix and the value generated by the beer industry
was $5.4 billion for 2018. And that doesn’t even include the $1.1 billion that
comes from the purchase of supplies, marketing, sales, etc. It’s a big
Fitness has long been a growing industry. New Yorkers are not alone in their love of
the fitness industry. In fact sometimes
it seems that every other week there is a new class or fitness factory. Throughout America, according to the
International Health, Racquet & Sportsclub Association (IHRSA), there is at
least a 3 to 4 percent annual increase within the industry and around 20% of US
adults have a fitness club membership. According to Statista, US consumers are
spending $30 billion per year on gym memberships.
Looking into New York’s East Village we find the growth of Crunch
Fitness. The firm opened its doors over
three decades ago and since then has expanded significantly. With an app that syncs with the Apple Watch,
over 100 online workouts for those who want to stay home and 25,000 square feet
for those who want to actually go to the gym, this seems to be an example of
how seriously New Yorkers take their workouts.
It seems Mayor de Blasio wants to
fight for more rights for New York City workers, in particular, for paid
vacation. He is attempting to make New
York the first US state to
“require private businesses to provide time off with pay.”
Some small business owners in the region are not
in favor of this, especially given the additional strain the increased minimum
wage has put on them. If the proposal
becomes law, business owners would be forced to give their full time employees
a minimum of 10 paid vacation days a year; a number that would be pro-rated for
part-time employees. This would be in
addition to paid sick leave.
While some business owners would like to do this, they
claim it is just not realistic and that the Mayor is not looking out for SME
owners to help them “make ends meet.”
Meanwhile around 150 people are set to lose their jobs altogether
as AT&T closes its Syracuse call center.
The center is moving to Orange Park, Florida where lower wages will be
paid. According to the Communications
Workers of America Union, approximately 50 people have accepted the transfers,
leaving 100 without work. So now union
workers are calling upon the Save NY Call Center Jobs Coalition to pass a bill
to require NY call center operators to inform the Department of Labor should
they move 30 percent or more of their workers out of the state. Should they still go ahead, they would not be
privy to any state benefits for five years.
In this recent Forbes article, an expert panel spoke to eight Forbes New York Business Council members “to share their most effective tactics for getting their company noticed and started on the path toward success.”
The individuals are:
Samuel Mikail, SM Group Holdings Corporation
Tracey Sawyer, Krause Sawyer
Morris Levy, The Yard
Sriram Padmanabhan, Cymorg Inc.
Yana Zaidiner, Token Payments, Inc.
Giac Capital, Inc & Giacopelli Accounting and Tax Services, LLC
Hoda Mahmoodzadegan, Molly’s Milk Truck and F’in Delicious Beverages
Most New Yorker’s appreciate the increase in minimum wage.
Since 2016, minimum wage has been rising, from $9.70 an hour to a projected increase of $15 an hour by 2021. The rise in minimum wage means that employees can maintain a better standard of living.
“New York proudly set an example for the nation by raising the minimum wage to $15,” said Governor Andrew Cuomo said in a statement. “The fight for economic justice for our working families continues, and we won’t stop until every New Yorker is paid the fair wages they deserve.”
However, some New Yorker’s are concerned that the increase in minimum wage means that employees will reduce their hours. Small business owners with limited budgets may find themselves unable to pay their employees.
Most New Yorker’s, however, are greeting the change in minimum wage optimistically.
While people believe that living in New York can be crippling due to its expense, a recent article in Work at Home Adventures presented the Top 12 Ways to Earn Money Fast in New York City.
If you’re fascinated by the hype and pace of NYC, why not remove your clothes and become an art model? Making between $20-30 an hour there seems to be no shortage of opportunities for those comfortable in their bodies and “unafraid to pose in front of strangers.”
Mike Brassfield wrote a similar article on his Penny Hoarder blog. He presented money making options including dry cleaning delivery, Lyft/Uper driving, Airbnb rental and work from home positions through reputable ZipRecruiter.
April 29-May 5 is National Small Business Week 2018. But it actually started earlier. One event was held on August 27 – #SmallBusinessWeek Hackathon at the Ronald Reagan Building on Pennsylvania Avenue, Washington, DC. Those in attendance received assistance from third party companies and the federal government.
The idea behind National Small Business Week is to “encourage all New Yorkers to support local small businesses.” There are 530,000+ small business owners around New York, comprising 98 percent of all businesses, employing over 3 million individuals – 40 percent of New York’s private sector workforce.
According to Roberta Reardon, State Labor Commissioner:
“Small businesses are vital to the economic tapestry of our great state, and the Department of Labor is proud to support them through the many services we offer to help them with everything from finding employees to applying for tax credits and incentives.”
Yesterday the Microsoft Store hosted a series of workshops for small business owners including: Networking events, ChangeMakers: Modernize Your Small Business in the Cloud for Medical Professionals; Modernize Your Small Business in the Cloud for Realtors; NYC Speaker Series; Fuel Your Business with LinkedIn; LinkedIn Lunch and Learn; Modernize Your Small Business in the Cloud for Accountants; Microsoft 365 Business Mondays and more.
Rather than moving away from New York to beat high overheads and rentals, it looks like some companies are moving in. A whole slew of IT jobs with Estée Lauder Companies Inc. are being moved from Melville to new offices in Long Island City, Queens. The company’s “new technology hub” is set to open in July 2018 at 1 Queens Plaza North and will open in July.
In more good news for those in Queens, some believe that the Tax Cuts and Job Act will be beneficial for them…and not just the large corporations. One native, Tom Clarke, a franchisee of Arby’s and Burger Kings, called the new law a “phenomenal thing,” resulting in his workers getting an additional $40-50 increase in their biweekly paychecks. That’s really money in the pocket which, until the law would go directly to “government coffers.”