On June 19, New York City Council and Mayor Bill De Blasio approved a budget item that will provide $1.2 million to support training, with the goal of incubating 28 new worker cooperatives and supporting 20 existing cooperatives. The city expects the result to be 234 new jobs.
Letitia James, the public advocate for New York City, has proposed that the city both provide education for business owners about employee ownership and facilitate financing for employee ownership transactions.
A proposal before the New York City Council would allocate $1.2 million to support a Worker Cooperative Business Development Initiative. The initiative would provide financial and technical assistance to worker cooperatives and would coordinate training resources.
On February 26, 2015 New York City Council passed legislation requiring annual reports on the amount of goods and services the city purchases from worker-controlled businesses and aiming to reduce barriers for worker cooperatives to participate in city procurement.
New York State has enacted a bill (5349A [PDF]) creating a special commission to report on how the state can encourage employee ownership through worker cooperatives and majority ESOPs where employees elect the pl
The Circuit Court for the Second District of New York continues to be a tough place to plead a stock drop case. In May in In re Citigroup, it ruled that the heightened pleading standards under the Fifth Third Bancorp v.
New York has traditionally been a state where it is difficult to operate as a majority ESOP-owned engineering, architectural, landscape architectural, or land survey firm.
