Woke blue cities defund themselves: Nearly 160 Wall Street firms managing a trillion dollars worth of assets have fled NYC

American Thinker ^ | 08/23/2023 | Monica Showalter

[SeekAndFind]

'Defund the police!' they yelled in 2020, that famous summer of love:

They did that. Now they're discovering -- the hard way -- that they're actually defunding themselves.

According to the New York Post:

A giant, sucking sound is coming out of Wall Street — and it’s siphoning staggering sums of money out of the Big Apple while handing business to Florida and other states farther south.

Nearly 160 Wall Street firms have moved their headquarters out of New York since the end of 2019, taking nearly $1 trillion — yes, that’s trillion with a “T” — in assets under management with them, according to data from 17,000 companies compiled by Bloomberg.

Looking to dodge rampant crime, stiff taxes and an increasingly exorbitant cost of living, 158 fed-up financial firms representing a whopping $993 billion in assets have packed up and left the Big Apple, taking thousands of high-paid employees with them, the data shows. 

Lefties might argue that it's not city money that's fleeing, it's "only" rich men's assets, but that's how idiots think.

The Post highlights some very concrete consequences for New York City in the wake of what this is, which is capital flight:

 The mass migration threatens a crippling economic blow: Last year, Wall Street accounted for 16% of all the economic activity in the city and 7.3% of economic activity statewide. The latter figure is the highest in the nation by far, towering above the national average of just 1.7%, according to an October report by New York state Comptroller Thomas DiNapoli.

Likewise, the exodus has grave tax implications for the city and state. Last year, financial firms paid $5.4 billion in New York taxes and accounted for nearly a quarter of all personal income tax collections, according to the report.

[lewislynn]

That’s the beautiful thing about woke. It will destroy itself from within.

[Cen-Tejas]

Woke blue cities defund themselves: Nearly 160 Wall Street firms managing a trillion dollars worth of assets have fled NYC

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Monica is referring to the fact that there is or will be a major ripple effect throughout the NYC economy, AND their Marxist government, when people doing 1 trillion in business call Uhaul and leave NYC for Florida or Texas.

[Diana in Wisconsin]

NYC can just make up that lost revenue with more ‘Drag Queen Reviews’ on Broadway. ;)

[DownInFlames]

Their answer will be raise taxes.

[jmacusa]

Couldn’t happen do a nicer bunch.

[jmacusa]

Kathy Hochul. A barracuda with lipstick.

[jmacusa]

And the morons just upped the fare on the MTA.

[dfwgator]

You know those lights were bright on Broadway
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

[Obadiah]

LOL. Yup.