Posted on 03/20/2021 5:43:04 PM PDT by MinorityRepublican
Dozens of top companies in New York City are on the verge of departing for Florida, and the exodus may increase if the state legislature passes a proposed $7 billion tax hike, business leader say.
At least 20 finance and tech companies are already poised to leave the Big Apple for the Sunshine State, Kathyrn Wylde, CEO of the business-backed Partnership for New York City, told the New York Post.
Among those considering a move to Florida are JetBlue Airways, which has been headquartered in Queens since its founding two decades ago, and Goldman Sachs, which maintains its head office at an upscale address in Lower Manhattan.
After surviving a year of pandemic fears, harsh restrictions on social activities, and soaring crime, business leaders say the massive proposed tax hike could be the final straw for many companies.
'The Legislature's proposals will move us in the opposite direction by driving away the businesses and tax base required to do that,' Real Estate Board of New York President James Whelan told the Post.
'We have been down this road before. In the 1960s and 1970s, such policies ultimately discouraged investment in New York City and led to a diminished tax base and fewer resources for the delivery of government services,' he added.
'The results were devastating – two decades of fiscal problems along with rising crime and unacceptable quality of life.'
Sunny Florida, which has no state income tax, has emerged as an attractive alternative, and many top hedge funders have already fled for the southern state.
Billionaire Carl Icahn recently decided to relocate his asset-management firm from Manhattan to Florida, and Ken Griffin's Citadel Group reportedly plans to open an office in Miami next year.
(Excerpt) Read more at dailymail.co.uk ...
I really don’t think that the government there understands that most companies haven’t actually owned the buildings that they occupy since the turn of the century. And most of the employees would probably move also even without relo. If not, they could do a pretty darned good relo package and still save in the long run.
Vote With Your Feet.
Stop the lear jet lefty invasions of FL .
We have huge roaches and hate Yankees .
There are NY/NYC Freepers who insist on defending their state because it generates much wealth and is a “donor” state when comparing federal funds coming in versus taxes going to the Fed.
The problem is much of the taxes are generated on financial taxes.
With Work From Home working out reasonably well for most office/clerical jobs, there may not even be any need to relocate the employees.
It is stunning how an idiot, liberal governor and mayor could destroy what many considered to be the greatest city on the planet. (although me and many others didn’t agree).
The place won’t be the same and Cuomo and DeBlasio can hang that round their neck,
You know those lights were bright on Broadway
But that was so many years ago
Before we all lived here in Florida
Before the mafia took over Mexico
There are not many who remember
They say a handful still survive
To tell the world about the way the lights went out
And keep the memory alive
-Billy Joel : Miami 2017 (Seen The Lights Go Out On Broadway)
I’ve often wondered what keeps the stock exchanges 8n New York. It’s mostly electronic anyway. Houston or Miami?
More liberals on the way to the Sunshine State, bringing all their bullsh*t with them. Because they can do it better. Florida is Blue within 4 years.
Jet Blue's lease in Queens expires in 2023.
They've already sent out an internal memo saying that they are considering all of their options for 2023.
With Work From Home working out reasonably well for most office/clerical jobs, there may not even be any need to relocate the employees.
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Companies would still have to pay the onerous new taxes.
Not necessarily if their HQ is now in another state.
Well, housing prices in Florida are skyrocketing. It’s ridiculous.
We just sold our ocean-front home, closing in April. Made a killing on it.
We’re moving to TN. Florida’s too crowded now. When I moved here in the 80’s, St. Pete was a quiet little city. Those days are gone.
But, we took advantage of the housing market. The thing I’ll miss the most is our wonderful Governor !
“At least 20 finance and tech companies are already poised to leave the Big Apple for the Sunshine State, Kathyrn Wylde, CEO of the business-backed Partnership for New York City, told the New York Post.”
Wake me up when it REALLY happens...
“With Work From Home working out reasonably well for most office/clerical jobs, there may not even be any need to relocate the employees.”
They won’t need to relocate some of the employees. The ones who DID NOT go to public school will quickly figure out that Florida does not have an income tax and costs much less to live in and will relocate themselves. The others, well, give them 10 to 15 years to figure it out, and then they’ll also come to Florida.
FL is full....just like TX.
You can work remotely
I think you’re being optimistic. I’ve watched this for decades. Basically, most of them just look at local salaries elsewhere then blow a mental circuit breaker and nope out.
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