Monday, October 24, 2011

Gay Marriage Adds $100 million to New York Economy Per Year

Helsinki Hudsom
Bloomberg Business Week reports:

New York may reap $310 million over the next three years from license fees, taxes, and tourism related to same-sex weddings, according to a May report by four New York state senators. Morgan Stanley (MS) Chairman John Mack, Goldman Sachs (GS) Chief Executive Officer Lloyd Blankfein, and other Wall Street executives argue that legalization was necessary for the state to remain an economic leader. As other places “extend marriage rights regardless of sexual orientation, it will become increasingly difficult to recruit the best talent if New York cannot offer the same benefits and protections,” the business leaders wrote in an open letter in April urging legalization of same-sex unions.

Langdon Florist went after the gay market and found it increased sales of providing wedding flowers from an expected 100 weddings to 125 weddings. Bernadette Smith, a wedding planner typically organizes 50 weddings per year. But since New York saw the necessity for equality of marriage rights she has had 60 inquiries, about triple what she normally does in the same time frame.

The Helsinki Hudson, a huge banquet hall says that reservations for weddings have quadrupled for them and working with gay couples is "part of the daily routine." Co-owner Marc Schafler said: "We're not always motivated by the bottom line, but in this case the morally right thing also makes business sense."

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