On Tuesday, August 22, 2023 at 9:58:20 PM UTC-4, Tommy wrote:
On Tuesday, August 22, 2023 at 2:23:54 PM UTC-7, -hh wrote:
On Tuesday, August 22, 2023 at 3:44:06 PM UTC-4, Alan wrote:
On 2023-08-22 08:42, Tommy wrote:
https://nypost.com/2023/08/21/new-york-loses-1-trillion-in-wall-street-business-as-firms-flee-report/
How does that implicate Biden in any way?
What specific policies did he implement? What regulations?
Even your article from about as biased a "news"paper as there is doesn't mention Biden at all.
It also spans the CoVid period, where Boomer aged hedge fund managers learned “telework for me, but not for thee”. There’s been some reports of
folks moving back to NYC and IIRC, rental rates are reflecting this now too.
LOL! No doubt you can find SOMEONE that has moved back to NYC, but this
does not change the FACT that ONE HUNDRED SIXTY businesses have fled
the dark hole that is NYC.
There’s been a lot of displacements as a result of the rapid adoption of telework
during CoVid, including effects on cities everywhere, not just NYC. For example,
an old friend decided to move to his FL home while CoVid was raging in spring 2020,
and then later decided that due to these business environment changes (& his own
impending retirement) to sell his home up here and live full time in his FL home.
Basically, the technology change allowed him to “retire early” to FL as they had been
planning all along, even though he’s still working. Similarly, his NYC-FL trips have
remained about the same (~monthly), but now, instead of it being an out-of-pocket
local home to FL for a long weekend, it is now a tax-deductible business trip to NYC
for face-to-face meetings, staying the week in a hotel.
And as I said, it’s not just NYC:
“ A Business Journal analysis of change of address data from USPS shows a net loss of nearly 2,400 businesses from 2020 through 2022.”
<
https://www.bizjournals.com/seattle/news/2023/01/08/downtown-seattle-lost-thousands-of-businesses.html>
“ Corporations are Moving out of Washington at Higher Rate Than any Other State”
<
https://www.bigcountrynewsconnection.com/news/state/washington/corporations-are-moving-out-of-washington-at-higher-rate-than-any-other-state/article_8906979f-558b-59df-8943-2bb38cde5ddc.html>
Personally, I am very reluctant to move a corporation into FL, if for no other reason
than the rising hurricane threat, but there’s also labor talent attraction factors, lots
of hidden local taxes, and of course, the out of control P&C rate crisis that’s causing
expenses to rise by +30%/year. I’ve not looked into the specifics of who from Wall St
has moved to FL, but I’d expect it’s similar to my friend, namely more of privately owned
small hedge funds type, and whose principals are Boomers who were already in the
‘will retire in FL’ mindset.
-hh
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