New York’s fast-gentrifying neighborhoods have contributed to an economic boom in the city over the last 15 years, with the number of new storefronts and companies increasing by 45%. But those economic gains have not been shared by all residents, according to a new report from the city comptroller’s office.
From 2007 to 2012, for example, the number of black-owned businesses in the city declined by more than 30%, even as black business ownership increased in other big cities around the country. Among the 25 largest US cities with over 500 black-owned businesses, New York is one of only three to see a decline, along with Detroit and Jacksonville.
“When black-owned businesses decline, I’m alarmed. When local residents are priced out of their neighborhoods, I’m frustrated. We have to do better,” NYC Comptroller Scott Stringer told BuzzFeed News. “We need to focus on real, community-level wealth creation. When we talk about gentrification, we can’t just focus on rising rents or increased cost of living – we also need to ensure that local residents gain access to new, local jobs.”
