Although the city’s economy has recovered since the months after the terrorist attacks of September 11, 2001, an estimated 230,000 New Yorkers are unemployed. African-American and Latino males have a particularly difficult time finding a job; 40 percent are unemployed.
The Democratic candidates are focusing most of the attention on small businesses. Small businesses account for 50 percent of all New York City private-sector jobs and generate $4.5 billion in annual city tax revenues.
To help small businesses, Fernando Ferrer proposes a three-month amnesty program to give small businesses the opportunity to pay outstanding fines. He plans to provide real estate assistance, micro-loans, and new programs for women and minority-owned businesses.
He also plans to form a small business advisory council that reports to the mayor, deputy mayor for economic development, and commissioner of the small business department. The panel would make recommendations and proposes policy.
Michael Bloomberg says he has created 62,000 jobs since July 2003.
He has given tax credits to large corporations like Time Warner, Hearst, the New York Times, and Goldman Sachs to encourage them to build new headquarters in Manhattan.
Bloomberg believes tourism â€“ which is at record levels â€“ is a main engine for job growth.
He has undertaken development projects in Brooklyn, Queens, and Harlem to spur new construction and job growth.
To help small businesses, he opened satellite small business services in each of the five boroughs that offer assistance to owners.