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NYC Watches Its Back As NJ Tries to Lure Businesses
By
Jen Chung
Published Feb 21, 2009
Modified Feb 21, 2009
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By
Jen Chung
Published Feb 21, 2009
Modified Feb 21, 2009
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With intense concern over the city's economy, Mayor Bloomberg brought up one of his worries: How New Jersey is trying to poach NYC businesses. During his Friday segment on John Gambling's WOR show (listen), the Mayor said, "New Jersey has been going around to a lot of our New York City businesses, saying 'Taxes in New York are too high, move to New Jersey.'...There are a couple of these companies I am really worried might move. We're working very hard to convince them to stay."
One of those businesses being courted by the Garden State is the Depository Trust and Clearing Corporation. The NY Times reports that the company, which has 1,600 employees and currently has offices at 55 Water Street, was offered a "lucrative subsidy package" from NJ (NYC and state officials are also negotiating with DTCC). Partnership for New York City president Kathryn Wylde said, "Cross-border wars in the metropolitan region are truly counterproductive, since this is one economy where governments should be working in sync. During a recession and fiscal crisis, when the public sector can barely afford to maintain essential services, it makes no sense to drive up the cost of business incentive packages."
The Times points out that Bloomberg "has been far more stingy than his predecessor, Rudolph W. Giuliani" with giving incentives to businesses to stay in NYC (exceptions being Goldman Sachs and the Yankees). And Bloomberg himself admitted that NJ is "a lower-taxed state, and they may have some things that we don't have. For example, if you need big space, that's not something you're going to get in New York City." But 55 Water Street has...peregrine falcons!
Gotham Gazette also covered the NJ vs. NYC fight for business back in 2002.
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nj
nyc
tax incentive
Jen Chung
Jen Chung is a former WNYC and Gothamist editor.
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Gothamist is funded by sponsors and member donations
Gothamist is funded by sponsors and member donations
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