Latin music blares from the local bodegas and taxis that surround Valdez Enterprises, Inc. on 161st Street and Broadway in Washington Heights. Inside, Jose Valdez greets those who enter with a smile and inviting hug, never forgetting to ask them how they’re doing since he last saw them. As someone who immigrated to this country from the Dominican Republic, Mr. Valdez knows what it’s like to build a business from the ground up and work endlessly in order to reach that “American Dream.”
Jose Valdez traveled from the Dominican Republic to Washington Heights in 1985, a neighborhood that offered low rents for businesses and apartments, as well as a predominantly Hispanic culture. He recalls meeting friends on Broadway, often referred to as “la Calle Duarte,” a central street in the Dominican Republic where you could find everything from discount clothing, to food and electrical supplies. “Washington Heights helped me transition to America, it felt like home,” he said. In this neighborhood, Mr. Valdez interacted with people who spoke in his same accent, came from the Dominican Republic, and shared the same culture.
Three years later, 1988, Jose Valdez launched Valdez Enterprises, Inc. as a multiservice agency, offering accounting, immigration, travel and personal/business tax services. Since its founding, Valdez has seen the drastic changes to the area and has had to adapt his business to the “new” Washington Heights.
Valdez Enterprises, Inc. in Washington Heights
There is now a more diverse Hispanic-American community including Central and Southern Americans, as well as a rise in the American population, running from West 155th Street to West 204th Street. What was once a cultural hub for Dominicans and other Hispanics immigrating to this country has decreased by 12.6% in the last ten years, while the American Non-Hispanic population has increased by 18.4%. According to the last District 12 census conducted in 2010, the Hispanic population in Washington Heights has decreased by approximately 19,438 people, as opposed to the Non-Hispanic population, which has increased by more than 5,200 people. This has led to rent hikes for both local businesses and apartments since there are now residents with a greater income residing in the neighborhood. Mr. Valdez is no stranger to these changes, as he has seen them right before his eyes. “I believe the reason why so many of us Hispanics have left Washington Heights is because there is simply not enough income coming into these small businesses, yet the rents continue to increase. This area used to be very affordable to all the minorities that resided here. Now, you have someone making $350 to $500 dollars a week in salary, yet they have to pay rent for a $1500 dollar apartment that is only worth about $600 rent at the end of the month, it’s simply not fair.”
What was once overlooked as a part of New York City is being completely affected by the looming threat of gentrification. As a more American population moves to Washington Heights, the Hispanic population is leaving. According to City-Data statistics, the median income in 2013 was $39,310. In this neighborhood, 27.6% of the population lives below poverty level, yet rents continue to increase in the area. Local business owners are no longer catering to the same customers; new cultures along with new services are needed.
Valdez Enterprises has had to adapt to these service changes occurring in the neighborhood. “Services that we offered before don’t exist anymore: airline tickets, long distance telephone services, my car insurance provider license which I returned to the State, fields that are very much technology based now…I have tried to change my business and use the highest technology out there to offer the best services to my clients that I can.” As a local business owner, Mr. Valdez recounts many instances when business took an unexpected turn, such as the economic crisis around 2008, which resulted in many local businesses shutting down.
Once thing that Mr. Valdez knows will always be needed – accounting services. “I believe that is what has held my agency open for so many years, the fact that local businesses need someone to keep their finances in order and guide them in opening their new establishment…but if rents continue to rise and local businesses keep shutting down, we will be at a loss here. I don’t provide services for chain businesses, we provide the small businesses with that.”
Mr. Jose Valdez, at work in his office at Valdez Enterprises, Inc.
Mr. Valdez believes the key to helping regulate this drastic change in demographics lies in commercial rent control. He recounts a recent experience with a client who closed their corporation at his agency the previous week: “The landlord told them- your lease is up today, I want you out next week. Rent regulation would not allow these things to happen.” Mr. Valdez points out that he can no longer identify the businesses surrounding his agency; they come and go every couple of years. “Dominican restaurants are now being replaced with upscale barber shops and juice bars… the new generation will never get the chance to experience this neighborhood as it once was.”
However, Mr. Valdez remains hopeful that Valdez Enterprises, Inc. will live on for another twenty years. “I have been preparing my personnel for the day when I retire, and I believe we have the skill set to continue and live on through multiple generations.” Rosy Alas, a senior accountant and insurance broker at the agency states that Valdez Enterprises “will continue providing key services to the local businesses in the area, maintaining customer service and adapting to technological changes.” One thing is for sure, Mr. Valdez is determined to remain a one-stop place for local businesses, and he has no plans to take a break anytime soon.