BUFFALO, N.Y. (WKBW) — A busy day at the popular Sue's New York Deli in Downtown Buffalo finds owner Albert Ramia hard at work to make sure his hungry customers get what they ordered.
"Everyone comes in here for a fresh made sandwich, a hot cup of soup, and a nice salad on the side," Ramia told 7 News Anchor Jeff Russo, "We have a mix of everything."
Ramia, who has owned the family-run deli for close to 20 years, tells 7 News that while running a small business can have its challenges, he's had few complaints about doing so in New York State.
"I don't think it's outrageous, I think it's fine, It's fair," said Ramia, "I hear about Florida. I hear that they have a lot less state tax and other states, but talking to family I have in Florida, they own businesses also, and they don't seem very happy either," he added.
So is business going well in Buffalo?
"Business is fantastic," said Ramia, "I can't complain."
But according to a new report from The Business Council of New York State, that's not the case for everyone.
A new study, entitled "The State of The Finance Industry and Its Impact in New York" found:
- In 2021, New York lost $9.8 billion of income to Florida
- Over the past three years, $993 billion in assets moved to other states
- New York is outranked in financial sector growth at 0.2%, lagging behind the 4% national average
A complete copy of the report can be viewed here.
"It's very sobering, but it's not surprising," said Grant Loomis, Senior Vice President at Buffalo Niagara Partnership, an organization dedicated to driving economic growth in our region, "For anyone paying attention, New York State is typically on the wrong end of every list as it relates to business friendliness, tax competitiveness, and out-migration"
The report says while the finance and insurance sector in New York makes up 5 percent of the state's employment, it's the largest contributor to the state's GDP with average incomes of over $275,000 annually.
"So when these jobs leave the state they hurt everyone because those are high-earning jobs, which means that the tax revenue derived from those jobs is significant, and the investment that those individuals put back into their communities through the purchasing power is also significant," said Loomis.
Loomis says while the financial and insurance segments in Western New York are doing reasonably well losses in other parts of the state have a trickle-down effect on all New Yorkers.
So what's the solution?
"We simply have to reduce the tax burden and reduce the regulatory burden and it's not realistic to think that New York State is going to go from the bottom of the list, to the top of the list, but New York could aim to be somewhere in the middle, and even that would have a tremendous impact on our economy, and a tremendous impact on the level of investment that could happen in this state," said Loomis.
In response to the report a spokesperson for Governor Hochul's office released a statement to 7 News saying:
"Since Governor Hochul took office more than 580,000 jobs have been created, our unemployment rate has plummeted to 3.8%, and companies continue to flock to New York -- including Micron, which will bring 50,000 jobs to Upstate New York. Governor Hochul has passed two balanced budgets without raising income taxes, and she'll continue doing everything in her power to ensure every sector of our economy is ready to compete in the global economy."
