A bevy of Wall Street executives, bankers and fund managers are abandoning New York for Florida, embracing the Sunshine State over metropolitan New York as the coronavirus pandemic has eliminated many benefits of working from a global financial hub.
Since legions of finance industry employees began working from home in March, Florida’s warm weather, low taxes, affordable space and quick, easy flights back to New York, when needed, have elevated its status.
About 30 major financial firms are “kicking the tires” in South Florida, said Kelly Smallridge, who runs an economic development agency in Palm Beach County. A handful of them are serious about shifting staff there, she said.
Companies including Elliott Management, Citadel and Moelis & Co are among the latest to say they will open satellite offices there or allow their moneymakers to be based in Florida, executives have said.
Goldman Sachs Group Inc is also looking at moving some asset management staff there, people familiar with the matter said.
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{Matzav.com}
this is great news for the new Chasidic center in West Palm Beach
“new Chasidic center in West Palm Beach”
Please tell me more details. Considering moving to FL myself.
When will the media defined politically correct politicians in states such as New York and California learn that over taxation and regulation do more harm than good? In economics 101 you learn that there is a rule of diminishing returns; something that the liberals never learned in school because they were to busy taking liberal arts courses and being taught that socialism is wonderful. Socialism and soak the rich never worked and won’t start working now.
They are tired of having the state and city government breathing down their necks for every penny they make. NYC has turned into a ghost town.
Just hoping that these NY transplants grow some brain cells, and stop voting for the Democrats. That, or getting NY-style taxation in Florida, and having nowhere to flee when it happens.
But someone told me that Florida is slowly sinking due to the extremely low sea level. They have to keep redoing the sand by the beachs. The beach erosion is constant. Consider the hurricanes and tropical storms as well. Fargo North Dakota might be a better choice. Just bring along a good winter coat.