NY 'prices will have to increase,' billionaire supermarket owner warns

“New York is in deep trouble” if the economy does not “open up,” according to Gristedes Foods President, Chairman and CEO John Catsimatidis.

“Prices will have to increase because costs are remaining up. Sales are down because people are just not here,’ Catsimatidis told FOX Business' "Mornings with Maria," in response to the potential impact of the Biden administration's new policies.

Catsimatidis pointed out that New York State represents 9% of the U.S. economy and "we've got to open up... because it's impacting the entire country."

NY GOV. CUOMO PROPOSES HIGHEST TAX RATES IN US WITHOUT $15B IN FEDERAL AID

His comments come as Gov. Cuomo said the Empire State could soon see the highest income tax rates in the U.S. if the federal government does not step in to provide adequate aid.

Cuomo said the state has proposed temporarily increasing the top rate by two percentage points to 10.86%, from 8.82%. A wealthy resident in New York City would pay a top rate of 14.7% in combined taxes.

The billionaire supermarket owner believes Cuomo’s proposal is “wrong” and harms the people that can’t afford to move out.

“The busboys, the waiters, the grocery workers, everybody that has to stay are the ones being hurt by the tax policies and the Democrats do not realize that it is not the rich that you’re hurting, you’re hurting ordinary hard-working people,” Catsimatidis explained.

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On top of that, Castimatidis said New Yorkers will get hit with rising food costs.

“Prices will continue to rise,” he said pointing to rising oil prices. “When the price of oil goes up, the price of gasoline goes up, everything goes up. It costing transportation to bring product into the supermarkets.”

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FOX Business' Brittany De Lea contributed to this report.