In case you think the consequences of a “woke” political culture (i.e. defund/demoralize the police, no willingness to prosecute non-felony – and even some felony – crimes, etc.) is restricted to West Coast cities like San Francisco, Los Angeles, Portland and Seattle…
…we have this from Shannon Thaler’s article for 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.
Icahn Capital Management — headed by billionaire corporate raider Carl Icahn — is among the most prominent firms to decamp to the Sunshine State. In August 2020, the firm ditched his posh Manhattan digs atop Fifth Avenue’s General Motors Building in favor of a 14-story office complex in a Miami suburb.
Meanwhile, hedge-fund tycoon Paul Singer’s Elliott Management — which commandeers a total of $59.2 billion after shaking up investment targets including AT&T, Twitter and the government of Argentina — moved its headquarters from Midtown Manhattan to West Palm Beach, Fla., in October 2020.
Companies representing almost one trillion dollars in assets gone – and a no-doubt large number of the high-income (therefore high-tax base) employees that are moving along with them gone as well.
All this and almost 100,000 illegals, so far, who have been shipped to “sanctuary city” New York – where Mayor Eric Adams is crying he has no place to put them (I guess being a “sanctuary city” isn’t as much fun when you’re the one actually providing the sanctuary).
Now: how is New York City going to make up all this lost revenue?
Hey, I’ve got a great idea. How about defunding the police even further, and saving even more costs by not prosecuting felons….and fining Donald Trump for the remaining difference.
Yep, that’ll make things all better. Just ask Manhattan DA Alvin Bragg….
