Weiner Outlines Economic Views For NYC’s Future
In the speech, Weiner detailed a package of citywide initiatives designed to create jobs, reduce onerous small business regulations, and spur outer borough economic development, including:
Cut Ticket Fines for Small Businesses. The City expects to save $17 million with a new computerized ticketing system-small businesses should see the benefit through reduced ticket fines. Those tickets that small businesses find most onerous, like double parking, would be targeted for cuts.
Pump Economic Development Funds into Outer Boroughs. Require that at least 25% of all Economic Development Corporation (EDC) funding be distributed to the boroughs on an equitable basis, by jobs or population. Manhattan has received twice as much funding from the EDC over the pat five years as the other four boroughs combined.
$10 Million in Seed Capital Micro-Loans. The creation of new, innovative businesses should be encouraged through the creation of $100,000 to $200,000 seed loans. Promising emerging businesses that don’t qualify for venture capital investments would be primary beneficiaries.
Create “ShopNYC.com.” and New “Digital NYC”. To compete in the global marketplace, small businesses need to be able to access and have a presence on the internet. Digital NYC offers landlords incentives to wire their buildings for broadband; ShopNYC would help small businesses market their goods on the Internet.
Expand and Streamline the Business Improvement District Program. Outer borough businesses need all the help they can get to survive, including the public safety, capital improvement and beautification services that come with residing within a Business Improvement District (BID). The city should take the work out of applying for BID status, streamlining the 17 step process it requires.
In addition, Weiner called for new investments in faster, cheaper public transportation, an overhaul of the city’s zoning laws, and a reduction of onerous small business regulations.
“We need new thinking about how we can invest in the whole city for the benefit of the whole city,” said Weiner. That means public investments that go to all five boroughs, and all sizes of business, for the sake of spurring private sector growth for everyone.”
Weiner delivered the speech to the Queens Chamber of Commerce. He will continue to outline his economic plan through a series of speeches, planned for the coming weeks.