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Council Member Sanchez questions IBO on economic impacts of lifting street vendor license caps
1:40:01
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84 sec
Council Member Pierina Sanchez inquires about the potential economic impacts of lifting the cap on street vendor licenses, specifically addressing concerns about a possible influx of new vendors. Representatives from the New York City Independent Budget Office respond, explaining their assumptions and analysis regarding the effects of eliminating the cap.
- IBO representatives clarify that their analysis assumes the decision to become a street vendor is more dependent on individual socioeconomic conditions than on policy landscape.
- The IBO's central assumption is that lifting or eliminating the cap alone would not lead to an influx in the street vendor population.
- The exchange highlights the complexity of predicting the outcomes of proposed changes to street vending regulations.
Pierina Sanchez
1:40:01
Thank you, chair.
1:40:02
I just want to follow-up.
1:40:04
You said the macroeconomic impacts of lifting the cap would be minimal while the macroeconomic impacts would be substantial.
1:40:11
One concern that we often hear about Intro four thirty one is whether the question about whether lifting the caps would cause a massive influx of new vendors that aren't on the streets today.
1:40:25
How did you handle assumptions about that aspect of the number of vendors on the streets and does IBO have a perspective of what might happen?
1:41:21
Thank you.
1:41:22
Thank you so much.
1:41:23
Thank you, chair.
Alaina Turnquist
1:40:34
Sure, I'll let my colleague Erica take that one.
Matthew Shapiro
1:40:37
Thanks, Czek.
1:40:38
Hi.
1:40:39
Thank you for the question councilmember.
1:40:41
So we in our research and analysis, the basic assumption that we made is that the decision whether or not to be a street vendor or to do that work is is more dependent on individual socioeconomic conditions rather than the policy landscape that's in place.
1:41:04
So one of the central assumptions underlying our analysis is that lifting the cap or eliminating the cap alone would not lead to an influx in the street vendor population.