New York City turns into an economic fall.
“‘We’re at war’: New York City is facing a financial chasm,” shouts a New York Times headline.
The unemployment rate in New York City is 16%, twice the national average.
Yet even in the midst of a “financial precipice”, the hostility of the New York liberal elite remains unwavering in its hostility to free enterprise and entrepreneurship, the pillars of job creation and economic recovery.
In a recent example, commercial real estate development firms pulled out of a proposed project, Industry City, that is expected to bring an estimated 20,000 jobs and $ 100 million in tax revenue to New York City. They threw in the towel after several years of fighting the opposition to get approval for a rededication that would have made the project possible.
The project should bring “one million square feet of commercial, retail and community space,” according to Spectrum News NY1.
The Brooklyn neighborhood where the development would have been, Sunset Park, has a poverty rate of 29% according to 2018 statistics.
Liberal contempt for capitalism, however, goes well beyond supposed poverty concerns.
Get our daily headlines
Sent straight to your inbox.
City council member who represents the district and led the fight against the project, Carlos Menchaca, celebrated the announcement of his passing.
“What the community wants is not a private developer with private money coming in and saving a neighborhood,” he said. “They really want the city of New York to come in and say we’re going to bring in capital infrastructure funding to roll out the Green New Deal at the city level to really create jobs that are tied to our community and the vision of the community.”
While the current deficit projections for New York State and New York City are $ 14.5 billion and $ 9 billion, respectively.
Neither Governor Andrew Cuomo nor New York City Mayor Bill de Blasio had a word in support of the project while both turn to Washington for a US taxpayer bailout.
The Democratic New York representatives Nydia Velazquez, Jerrold Nadler, Yvette Clarke and Hakeem Jeffries have spoken out against the project.
Menchaca questioned the projections for the number of jobs created.
One of the development companies behind the project, Jamestown, has an established track record.
It developed the Chelsea Market in the Chelsea neighborhood of New York. Chelsea Market reportedly attracts 500,000 locals and tourists each month. In 2018, Jamestown sold it to Google for $ 2.4 billion.
Reasonable comparisons are made with the killing of Amazon’s 2019 initiative to build a new headquarters in New York’s Long Island City. One of the high profile opponents from the left was the MP Alexandria Ocasio-Cortez.
Like Menchaca, Ocasio-Cortez celebrated Amazon’s decision to end the project and questioned Amazon’s projection of the jobs it created.
“People say 25,000 jobs at an average of $ 125,000, which has not happened anywhere,” Ocasio-Cortez said at the time.
In recent weeks, Amazon announced that there are 33,000 business and technology jobs open nationwide, offering “total annual compensation of $ 150,000, including salary and stock bonuses,” according to the press.
The company recently announced an increase of 100,000 employees. Pay starts at $ 15 per hour plus benefits.
At the start of the pandemic, Amazon hired 175,000 contract workers earlier this year and announced in May that it would keep 70% permanently.
In contrast to New York, Detroit City Councilor Roy McCalister Jr., in Crain’s Detroit Business, writes gushingly about Amazon’s plans to create 1,200 jobs in a new development that will generate tax revenue in Detroit in the decade since the company opened The facility will bring in $ 43 million. “
New York should be a figurehead for the nation of what not to do, which way we shouldn’t go.
Everyone who cares for the poor, who cares about the recovery and growth of our nation should fight to prevent our free enterprise system from being stifled by confused, even important political ideologues on the left.