Wall Street is fast becoming Door Street as companies head for the exits leaving the Big Apple with a whopping one trillion dollars in losses as companies move out of the Empire State.
A new report by Bloomberg finds that an incredible 160 companies have moved their headquarters out of New York in general and New York City in particular for a loss of $1 trillion in assets as they moved southward.
The reasons? Soaring crime and, even worse, soaring taxes are causing these companies to wave bye bye to the destruction that Democrats are wrecking on the state and the city both.
Most of the companies from New York are moving to Florida. But they are also moving to Tennessee and Texas and even to Connecticut and New Jersey.
Per Bloomberg, which also reported on similar loses for California:
The moves, often born out of a desire for lower taxes, warmer weather and cheaper mansions, have pushed the industry’s footprint into parts of the US that previously didn’t have much of a finance presence beyond regional banks. It’s upending the economies of the hot new destinations, spurring plenty of angst in the places left behind, and creating new opportunities for investment professionals outside historic financial centers.
“The Sun Belt is continuing to change — no longer just a place of traditional industries like oil and gas, no longer just focused on tourism, or just focusing on the retirement community,” said Amy Liu, the interim president of the Brookings Institution and a researcher on urban policy. “These pandemic moves sort of reinforce that the major metros in these states are certainly becoming a destination for new industries.”
From the start of 2020 through the end of March 2023, more than 370 investment companies — about 2.5% of the US total, and managing $2.7 trillion in assets — moved their headquarters to a new state. The vast majority of the migration was out of high-cost-of-living locales in the Northeast and on the West Coast and into Florida, Texas and other Sun Belt refuges. North Carolina and Tennessee each added more than $600 billion in assets, mostly from just two relocations: AllianceBernstein to Nashville from New York in 2021 and Allspring Global Investment to Charlotte from San Francisco last year.
Bloomberg can desperately try to blame it on “looking for bigger mansion,” but the fact is Democrats despise the business sector and see business solely as an free ATM to continually steal money from.
On the other hand, most of the states (such as Tenn., Texas, and Florida) are very business friendly and they are reaping the rewards.
It is all proof, once again, that Democrats destroy everything they touch.Commentary