A new comprehensive report comparing the relative freedom of the fifty states placed New York State at the bottom of its rankings. This comes as New York currently has some of the most restrictive business and firearms regulations and often ranks at or near the worst in tax rates.
The Cato Institute’s survey found that New York suffered from low ratings of both personal and economic freedom.
The report stated that the Empire State “has been the least free state in the country for a long time.”
The authors wrote that New York would have to take several steps to restore personal and economic liberty.
These included the repeal of the state’s rent control law, which critics state drives up overall rent rates and often benefits large landlords at the benefit of individuals.
Furthermore, Cato reported that New York has about half of the local tax burden of the average state, with residents paying out 8.5% of their income. This rate increased significantly in the last two decades.
In addition, parents are found to have less ability to send their children to a school in their state.
Overall, New York ranked as the least free state for business. New Hampshire was ranked first and Florida was ranked second.
Libertarian Cato Institute Rates the States: New York 'Least Free' – Literally No One Surprisedhttps://t.co/035BjyM62C
— RedState (@RedState) November 20, 2023
In a number of categories related to state debt or taxation, the state ranked at the bottom or close to it. New York currently has the highest debt level of the 50 states.
The report stated that the state’s “terrible economic freedom score is going to continue to drag the state down — and harm its ability to realize its full economic potential.”
Both wealthy and middle-class residents have been paying some of the highest taxation rates in the country.
New York has ranked last in the organization’s survey of freedom for 23 years.
Furthermore, New York and California have seen among the largest waves of outmigrations over the last decade, with a number of wealthy and middle-class residents leaving the Democratic Party-dominated states.
