A Local Law in relation to mandating that the department of consumer and worker protection conduct a comprehensive one-time study and publish its findings on the economic effects of private equity firms on small businesses in New York city

Summary

This bill requires that DCWP conduct a comprehensive one-time study and publish its findings, including policy recommendations, on the economic effects of private equity firms on small businesses in New York City. This study shall include an examination of business closures, worker displacement and job losses, revenue impacts on small businesses, loss of tax revenue, and other metrics that DCWP deems appropriate in relation to the healthcare, dental care, pharmacy, veterinary, childcare, education, food and hospitality, fitness and wellness, home services, and residential contractor sectors among others. DCWP shall further examine whether and how private equity firms interact with or benefit from contracting with the city.

Official summary of legislation · NYC Council