REMARKS
Majority Leader Amanda Farias introduces the hearing on small business challenges
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ยท
3 min
Majority Leader Amanda Farias opens the joint committee hearing on legal and regulatory challenges facing New York City small businesses. She emphasizes the vital role of local businesses in creating community character, providing jobs, and fostering economic growth. Farias highlights the need to address overregulation, rising rents, and competition from larger corporations.
- Farias expresses particular interest in how existing support programs reach immigrant-run businesses
- She addresses the issue of vacant storefronts and their impact on communities
- The Majority Leader calls for reducing regulatory obstacles to help new and existing businesses thrive
Amanda Farias
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Good afternoon, and thank you, Chair Feliz.
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My name is Amanda Farias, and I have the privilege of chairing the Committee on Economic Development.
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I would first like to thank my co chair for holding this hearing today, as well as the members of our committees, the administration, and various interested parties for joining us to discuss the legal and regulatory challenges facing New York City small businesses.
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Our city's local businesses are not just economic entities.
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They are lifelines that bring vitality and character to our our neighborhoods.
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Bodegas, hair salons, restaurants, hardware stores, independent clothing shops, and houseware stores create the social and economic fabric of our communities.
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These businesses fuel local economies by providing jobs to residents, circulating wealth, and fostering an environment of shared growth.
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They offer safe spaces for community members to gather, creating joy and strengthening social bonds.
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When our small businesses thrive, they directly contribute to the growth and stability of neighborhoods, making New York City's boroughs stronger and more vibrant.
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As an elected official, I have the unique opportunity to engage with business owners in my district daily.
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These interactions help me understand the hopes, concerns, and challenges they face.
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Small businesses are the backbone of our local economy, but they face growing hurdles due to overregulation, rising rents, and intense competition from larger corporations.
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While regulations are necessary to ensure safety and fairness, excessive red tape can stifle innovation and put unnecessary strain on small businesses, making it harder for them to thrive.
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This hearing will focus on how we can streamline processes and reduce regulatory burdens to give small businesses the breathing room they need to succeed and grow their economic contributions.
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I'm particularly interested in hearing from the administration about how existing programs designed to support small businesses are reaching immigrant run shops.
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Many of these businesses are at the heart of our communities but often face additional challenges due to language barriers, legal complexities, or lack of access to support services.
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Ensuring that immigrant owned businesses, which are vital to the cultural and economic diversity of our city, have the tools to succeed is crucial for our collective prosperity.
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By reducing unnecessary regulatory constraints and improving outreach, we can help ensure that all local businesses, especially those run by marginalized and hard to reach communities, thrive in an equitable economic landscape.
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Lastly, I want to address the concerning number of vacant storefronts across our city.
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Each empty space represents not just lost revenue but lost potential for job creation, community interaction, and neighborhood vitality.
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These vacancies hold back entire communities.
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Today, we will also explore what can be done to bring businesses back into these spaces and restore the vibrancy that vacant properties strip away from our communities.
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Reducing regulatory obstacles is key to ensuring that new businesses can open and existing ones can expand, further contributing to the economic and social health of our city.
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Before I turn the microphone economic development committee staff, senior counsel Alex Polonoff, senior policy analyst William Hongach, and finance analyst Glenn Marcellone for their hard work in preparing for this hearing.
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We look forward to hearing from today's participants and having a constructive conversation on how we can best support our city's small businesses, empowering them to continue being cornerstones of economic vitality and community life.
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I will now turn the mic back over to vitality and community life.
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I will now turn the mic back over to Chair Feliz.