Counterfeiters and NYC

Fake items cost city $1 billion a year. Peddlers, as well as customers, could be legally punished.
2:12 | 06/13/13

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Transcript for Counterfeiters and NYC
If you have come to new york city on vacation perhaps you're one of the mm who hopes to buy one of the knockoffs. You been find them across the country. They are fighting back saying the counterfeit items cost the city a billion dollars in taxes every year. Linsey davis on why they could soon be coming for the buyers of those goods, too Reporter: They're one of the biggest draws to new york city's canal street -- thousand dollar designer handbags for about 50 bucks. As I was walking down the street, this man asked if i wanted a designer bag, showed me this catalogue. Reporter: Within minutes, he produced what looked like a real louie. This woman told me she would sell this bag fo8, "special for me." This is real? Yes Reporter: Shoppers looking to buy a counterfeit coach, bogus burberry, of faux ferragamo are now the target of a proposed new york city bill that would make it illegal to knowingly buy a counterfeit product, punishable by up to a year in prison and as much as a $1,000 fine. I think that will stop a lot of people. Reporter: Counterfeits cost it is economy $250 billion a year and 750,000 jobs. If counterfeiting would be a business it would be the largest enterprise in the world, twice the size of walmart. Reporter: France broke down on shoppers with the equivalent of a $450,000 fine. If I knew that was going to be a law then I wouldn't consider doing it. Lindsay is back here in the studio. You have quite a comparison. This is the real one. This is the fake one. You can see how some people might be attempted to buy the knockoff because they can look like the are right thing but buyer beware if this goes into effect. If you want to know that you are getting the right one, the lv should be in the middle. This is a fake. When we come back take a look at this. This is incredible. A 3-year-old out on the water, about to catch his first wave

This transcript has been automatically generated and may not be 100% accurate.

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