Posted on 10/28/2019 5:39:15 AM PDT by karpov
No excerpt from Bloomberg allowed, story here.
These companies are a bit slow.
I turned town a job from one of these firms _forty_ years ago because I refused to work in NYC—and I told them if they moved to Texas I would take the job—for all the reasons discussed here.
The company person just laughed and said they understood—they knew I was right.
New York needs to become the next Detroit. And then with global warming it can become the next Thonis-Heracleion.
ALL the investment banker types I’ve met are raging libs. Sorry Texas.
Three decades ago, JC Penney moved its corporate headquarters from midtown Manhattan to the prairie west Plano Texas. At the time only Frito-Lay and Ross Perot’s company were there. About half the people made the decision to relocate not only having no state or local income tax, but having a home and a car maybe for the for first time
And a five to ten minute commute
If a city elect people like Bloomberg and DeBlasio, it really can’t be a place normal people would like to be, other than perhaps a short sightseeing visit.
NY has set up an exit penalty l beleive. It will cost them a fortune to relocate.
I used to work in Addison, a Dallas suburb, in the same tower that housed a big chunk of JPM. Their expansion into DFW was already being discussed.
They still have a lot of people and resources tied up in NYC, so they can’t say much publicly. But, yea, it’s not even a close call for them. Obviously taxes and cost of living, and the latest upper tax bracket there isn’t helping NYC either. But there’s also the politics now. They had 20 years of Rudy/Bloomberg, and kept the city safe and clean. Now it’s back to ‘Social Justice’ types, and that’s the end of the line, probably for a lot of companies.
This is nothing new. JPMC has a checkered history of running back office operations in Tampa, FL and Tempe, AZ from the early ‘90’s. Wasn’t a bad place to work until Jesse Jackson’s Rainbow Coalition put the race hustle onto the CEO and things went downhill from there.
About 15 years ago Fidelity Investments decided to move 95% of their people out of the building in downtown Boston to Merrimack, NH. Roughly 4000 people. The only people that remained in their building in Boston were the bigwigs.
All the people that moved got an automatic 5% increase in pay because of the no income tax in NH. Plus the cost of buying a home in the greater Merrimack area is about half or less of the Boston suburbs.
In addition, many people that moved up here shortened their daily commute and could now live in an area where you do not have to lock your doors at night.
Lastly, Fidelity RENTED the space in the building in Boston for a big money. Their building is right downtown in the financial district. A couple blocks from Faneuil Hall.
Been to Upstate lately...?
For JPMorgan employees, a move comes with some perks. In New York’s Tribeca neighborhood, $1.05 million will get you a 605-square-foot, one-bedroom apartment with an open kitchen, windowless bathroom and shared roof deck. In Plano, the same price gets you a 5,684-square-foot home with five bedrooms, six bathrooms, a 400-bottle wine room, a covered patio with wood-burning fireplace and a combined pool and spa.
They’ll export all of these employees to their Columbus, Ohio operations center just in time to turn Ohio blue next November. Swell.
which has a lower cost of living and no income tax.”””
True- But, their property taxes are much higher than surrounding states.
NY has set up an exit penalty l beleive. It will cost them a fortune to relocate.”””
Pretty sure such a penalty will not survive a court challenge.
Commerce laws re pretty clear about a USA citizen being free to move wherever they want to go.
New York & California both are trying such actions, and IMO, it only clarifies why people should leave there or do a WHOLESALE effort to remove the politicians who think up such actions.
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