At current NYC prices, businesses could afford to pay decent wages to their employees, except every business is hamstring by ridiculous commercial rent.
Almost every block used to have its own pizza joint, bakery, and deli. Then rent went up, and they all combined into one. Then rent went higher, and they finally all went out of business.
The primary problem with the NYC economy is rent. If rent could be regulated properly, and greedy landlords could be corralled, living and working, and especially operating a business in NYC, would increase spectacularly.
At current NYC prices, businesses could afford to pay decent wages to their employees, except every business is hamstring by ridiculous commercial rent.
Almost every block used to have its own pizza joint, bakery, and deli. Then rent went up, and they all combined into one. Then rent went higher, and they finally all went out of business.
The primary problem with the NYC economy is rent. If rent could be regulated properly, and greedy landlords could be corralled, living and working, and especially operating a business in NYC, would increase spectacularly.
Landlords are always greedy. The issue is when there’s not enough supply the prices increase.