So in other words, it's not just people fleeing New York, which is happening to the six-figue extent that they're losing congressional seats.
Thank you for the feel good story this fine Wednesday morning.
Others likely know the numbers better than myself, but directing (or controlling) the investment of $1T is far different than earning $1T. I think the cut for directing/controlling is around 1% to 2% per year, so more like $10B to $20B - still decent money, but not $1T
True charity, or true philanthropy, which diminishes capital.
Note that the big-mouth, public relations fattened wealthy "elite" want themselves portrayed as "woke" and the like. But then their capital assets increase. By definition these faux philanthropists are gaming the system and the public discourse alike.
So, capital is NEVER woke.
When governor Andrew Cuomo let slip that the State of New York was looking to tax every stock transaction, you could hear the flick of the switch - those Wall Street firms were never going to let anyone in on their trading secrets and would leave any jurisdiction whose politicians thought they could tax such transactions.
Pretty soon we’ll be talking about some real money…
NY State has basically become a leftist Eastern Europe, with Wall Street attached to it.
The next recession/crash, NY’s budget will have an iceberg-sized hole in it.
At that point, Fed.gov will step in with $$trillions in “stimulus.”
The big unreported crisis is the staggering high vacancy rate in NYC commercial office buildings. Ridership on the MTA and PATH systems are below 2020 levels. Tax revenues and fares are way down. The situation is not sustainable.
Gov. Hochul said she doesn’t want these people. So they left.
“managing a trillion dollars in assets”.. that’s meaningless.
NYC doesn’t get revenue from the assets under management.
What is the actual tax revenue lost to the city by these moves?
I know the trillion makes for a good headline, but its disingenuous. NO doubt these companies moving have had a tax revenue impact, but be honest about that impact, not sensationalizing.
NYC was never a heavy industry town but there used to be a lot of small manufacturers. Famously the garment industry, but also all manner of odds and ends. All those factory lofts in lower Manhattan are still there, but converted to condos.
The big one will be if and when the New York Stock Exchange moves out. They have had disaster recovery plans in place since the Cold War, so they can do it quickly if need be.
bttt
That’s going to leave a mark.
That’s the beautiful thing about woke. It will destroy itself from within.
NYC can just make up that lost revenue with more ‘Drag Queen Reviews’ on Broadway. ;)
Couldn’t happen do a nicer bunch.
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