New York loses $1 trillion in Wall Street business as firms flee the city

The bottom line is people and companies are moving out of NYC (and California) and they're moving to states that have less harsh business regulations, lower taxes and less crime. The replacements for the people who are moving out are coming from all around the world courtesy of the big guy. I'm sure Mexico sent them their best.

 

Sounds good. Maybe New York will become affordable and degentrify a bit. Opposite is happening in my area. I'd rather those rich people stay in the bay area screwing up their cost of living rather than mine.. but I guess growth is job security. The hospital I work at is under construction to become the largest in the organization. End result may be I become too busy to post on here. ... but I'd rather have work-life balance.

 

Certainly the size of the hole in the ship can be exaggerated, but that doesn't change the fact that its sinking. Businesses are fleeing CA and NY. Why do you think that is?

 

It's in the article, it's because business rental rates are lower in the places they move to compared to NYC or California. The reason is that the places they move to are less attractive locations and, thus, have a less competitive real state market. If lots of companies and people would do the same, real estate prices in NYC would come down. However, that doesn't seem to be the case. It's the free market at work. Of course, the question is if these companies will be able to attract as highly qualified employees in these new locations as they could in NYC. I guess that remains to be seen.

 

They are taking their high paid employees with them. You are omitting high crime, excessive taxes, regulation, and a legal system that is very anti-business. We see the direction things are going. The only question is how long until it reaches a tipping point?

 

Maybe some employees will go (usually the weakest ones). Many will not want to leave NYC to go to Nashville, they'll find another good job in or near the city.

BTW: If cost, politics and taxes would be the only factor, these companies would move to conservative rural areas. I wonder why they don't.

 

Okay but it isn't like NYC really lost a ton here because they weren't taxing the assets under management. It just means they lost some local taxes.

 

But companies have moved out of Democrat cities. You know this right? CA especially has lost a lot of businesses and people. Far more than businesses moving out of FL for example.

How many more homeless do they need in the streets in Manhattan to flip the switch?

 

It would appear you are trying to give Dems a pass on the results they are producing. Why is that?

 

All those jobs in California and New York are going to be gone for good. Newsom and Hochul will try to raise taxes to keep up with the lost revenue, but it's just going to perpetuate the cycle.

Sixty years ago New York was the center of the world. Now London is the world's financial capital, and New York is the fourth largest state. I would say it's sad, but they voted for it.

 

NYC is becoming a less attractive location. That is why business is moving out.

 

Hay libs, don’t forget that AOC fought to keep Amazon out of NYC.

 

The New York City leadership needs to be careful. Yes, they have what has been one of the great cities of the world. It has been a financial and cultural capital for over 160 years. It's got a lot going for it ... BUT

Despite all of that, they might look across the river to places like Newark, New Jersey. Time was it was good place too, but then the criminals took over. Criminals turn neighborhoods in to hell if you let them run wild. Progressive political philosophy says that the law is racist. "Defund the police" was a great slogan until people found out the results. DAs, who won't enforce the law, have gotten a lot of power. They might get voted out, or they might not. BUT if they stay office New York City is going to go to hell.

New York already has serious problems with high taxes and poor public services. Add crime to the mix, and New York could look at like Newark. It might take a decade or two, but shaft is opening up for them if they continue to push the same policies. If the Wall Street financial firms move out of New York City, it's over.

Fixing things now is lot easier than convincing people to come back later.

 

Why would you think the right is against being rich? You still don't understand, do you? It's not being rich that's a problem, it's the rich making laws that affect everyone else but them. It's the rich in the government that think they are above everyone else and don't understand or relate to the average American worker. Being rich is not a bad thing and no one is against it. Most of us strive for it. You are so poorly confused.

The rich men north of Richmond is referring to DC.
It's sad that this had to be explained.

 

as business leave, people will look for new States to live in, could it be a swing State

Careful what you wish for Republicans...

 

wasn't that to do with the State giving Amazon billions to move there

does Amazon pay taxes, would they get it back in Jobs and taxes, hard to tell, do not know enough about it

 

So people and businesses leaving NYC is a problem for Republicans? Your back must hurt with all the twisting and bending you do in your replies.

 

depends if they move to a swing State or not

 

Why are you assuming they are all dems?

 

I am not assuming that, but most New Yorkers are, so if they move to other States, they could change the map, just like people moving from CA to States like TX

 

The map may be changing, but not the way you think.

 

we will see, the lest few elections shows it's moving more and more left

course it could just be more and more anti-Trump, if the right doesn't run Trump, who knows

 

You seem obsessed with Trump, so at least it gives you something to talk about.

 

I would love him to go away, so we don't have to talk about him anymore, but your party wont let him go

 

Me either. But that was Long Island in any case.