Thousands Of Businesses Fleeing New York, Many Jobs At Risk

Approximately 5,000 businesses have left New York, and many others may follow.

New York officials say these grim numbers compare to the peak of the COVID pandemic.

Around 5,000 Businesses Just Left New York

A new report from the Economic Development Corporation shows New York City lost nearly 5,000 businesses in the past year.

For all the news that the Hudson Valley is sharing, make sure to follow Hudson Valley Post on Facebook,  and download the Hudson Valley Post Mobile App

Top reasons included high taxes, increased regulations, and the rising cost of doing business. From income and sales taxes to some of the steepest commercial rents in America, more and more employers are deciding it’s just not worth it.

Relocating To Other States

Businesses are leaving New York for states like Texas and Florida, where taxes are cheaper, costs are lower, and there are fewer issues from regulators.

Ban: These Baby Names Are No Longer Legal In New York

Multiple rankings put New York at or near the bottom for tax burden and business friendliness. Some economists call it the worst state in America for business migration.

Over 8,400 New Yorkers Out Of Work

The Economic Development Corporation report shows a net loss of around 8,400 employers during the second quarter of 2025.

According to the Economic Development Corporation, that's the worst quarter since the peak of the COVID-19 pandemic.

Could It Get Worse?

Some believe it's only going to get worse in New York City because of newly elected Mayor Zohran Mamdani's plans. He has proposed even higher business taxes to fund new social programs.

Keep Reading:

15 Most Depressing Jobs

Here are the Fastest Growing Jobs Currently

10 Most Dangerous Jobs