It has been found out through a report from the city comptroller’s office that from 2007 to 2012 the number of black-owned businesses has declined in NYC by at least 30 percent.
BuzzFeed News reported on the recent report released by the comptroller office, and the numbers don’t add up. According to the report, there has been an economic boom taking place within the city for the past 15 years, but yet as there is a 45 percent increase in the number new storefronts and companies there is an alarming drop in black-owned businesses.
There is a steady increase in business, but it is not the businesses of local residents and people of color, it is outsiders coming in and setting up shop which is a part of the dangerous game of gentrification. The NYC Comptroller Scott Stringer told BuzzFeed News,
“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…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.”
There are many factors that play a role in the decline of black-owned businesses as BuzzFeed News touched on. Things like the actual population of blacks in NYC declining plays a key role in the decline in black-owned businesses as well as the financial crisis which particularly hurt black businesses that functioned in the retail sector. Many businesses have still not yet bounced back from the effects of the crisis according to the report.
BuzzFeed News has an extensive breakdown of the entire comptroller’s report, and the role that gentrification is playing in the future of black-owned business and locally owned business in general.
Source: BuzzFeed News