Wall Street firms are fleeing New York City and have been doing so for a few years now. It has reportedly cost the city a trillion dollars. A TRILLION.
The reasons for this are obvious. Crime, homelessness, lawlessness, and the never-ending flow of illegal immigrants into the city.
This is happening at the same time that the illegal immigrants are costing the city millions of dollars a day. It’s an absolute disaster for the Big Apple.
The New York Post reports:
New York loses $1 trillion in Wall Street business as firms flee the city: report
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 its posh Manhattan digs atop Fifth Avenue’s General Motors Building in favor of a 14-story office complex in a Miami suburb.
Icahn’s firm, which manages $22.2 billion in assets, now conducts business less than a mile away from his mansion in Indian Creek Village.
John Nolte of Breitbart News makes a great point about this:
Imagine what this drain is doing to New York’s tax base. The city is losing all these millionaires and billionaires. And who’s going to fill all that office space? Who’s going to continue to fund the Lincoln Center and the like? Who will buy or lease those empty apartments and homes?
Leftism is always a recipe for failure, always. Sadly for the left, free people are free to flee leftism, to vote with their feet. See ya!
Like San Francisco, New York City is entering a doom loop and it’s going to get worse before it gets better.