Employment is growing faster in the city than elsewhere the nation, according to the Economic Development Corporation, but some say its regulatory agencies may be stifling small businesses.
Speaking on WNYC’s Brian Lehrer Show on Friday, Seth Pinsky, president of the New York City Economic Development Corporation, said striking a balance between supporting local companies and protecting consumers is a delicate process.
"It requires constant calibration to get that balance right. I think today we're lucky here in New York City that the city is healthier and safer that it's even been in its history, and I think that the regulatory agencies that we have here deserve a lot of credit," Pinsky said.
But earlier this week, Public Advocate Bill De Blasio sued the city to obtain data on small business fines to see if the city’s regulatory agencies are hurting its small businesses.
He says fines on small business have grown to a total of $820 million in 2011 from $485 million in 2002.
"The city government should be the No. 1 force in helping small businesses survive and thrive but it actually becomes an agent in potentially causing them to close," De Blasio said at a press conference this week.
Pinsky said it requires “constant calibration” to get the right balance of government needs and consumers’ health and safety.
"We're lucky here in New York City that the city is healthier and safer that it's even been in its history, and I think that the regulatory agencies that we have here deserve a lot of credit," Pinsky said.
Listen to full interview below: