Mount Sinai NY
4-30-2023 1:04pm

Hochul's proposal to raise minimum wage has Long Island business owners worried

The Long Island small business community is expressing concern over Gov. Kathy Hochul's proposal to increase the state minimum wage.

Under the governor's plan, the minimum wage would reach $16 per hour without delay and climb to $17 per hour by 2026.

The consumer price index would be used to tie the minimum wage to in 2027, allowing for the possibility of continuous raises.

According to News 12, business owners acknowledge that individuals need to earn a sufficient income to subsist, but express concern that the proposal will impede their ability to sustain their own economic well-being.

Harry Cohen of The Chocolate Duck in Farmingdale notes that if prices increase to $17, it would result in a surge in his overhead, and his landlord and PSEG would not want to hear that he cannot pay the rent or electric bill.

According to other entrepreneurs, a significant number of businesses will suffer if expenses rise and the minimum wage proposal is implemented.

Martin Cantor, an economic development consultant, believes that although the plan could adversely affect small businesses, it would provide a critical source of support for people earning minimum wage salaries.

According to Cantor, there are individuals residing in Long Island who require a raise in their minimum wage due to the exorbitant rental and property tax rates. He further adds that the governor's decision to increase the minimum wage has in fact levied a tax on small businesses and consumers.

Cantor suggests that in a few years, the minimum wage has the potential to increase to about $20 per hour, but it remains unclear by how much it will increase owing to its association with the consumer price index.

More News from Mount Sinai
I'm interested
I disagree with this
This is unverified
Spam
Offensive