Why are They Leaving?

[VySky]

What makes one want to flee a place like NYC or CA for places like Texas, TN and Florida?

Statistics continue to mount

The Exodus Continues: Point 72 Is Opening New Offices In West Palm Beach

Steve Cohen may own the New York Mets, but it looks like his firm, Point 72, is going to be the latest to move part of its business to Florida.

Cohen, who's firm oversees $19 billion, is reportedly looking for "additional office space" in the Sunshine State, where he will open an office in West Palm Beach before the end of June, according to Bloomberg.

ZeroHedge

ZeroHedge - On a long enough timeline, the survival rate for everyone drops to zero

www.zerohedge.com

 

[vegas giants]

What makes one want to flee a place like NYC or CA for places like Texas, TN and Florida?

Statistics continue to mount

The Exodus Continues: Point 72 Is Opening New Offices In West Palm Beach

Steve Cohen may own the New York Mets, but it looks like his firm, Point 72, is going to be the latest to move part of its business to Florida.

Cohen, who's firm oversees $19 billion, is reportedly looking for "additional office space" in the Sunshine State, where he will open an office in West Palm Beach before the end of June, according to Bloomberg.

ZeroHedge

ZeroHedge - On a long enough timeline, the survival rate for everyone drops to zero

www.zerohedge.com

NYC is a ghost town. Lol

 

[Visbek]

What makes one want to flee a place like NYC or CA for places like Texas, TN and Florida?

ZeroHedge

Steve Cohen In case you forgot, Cohen got nailed for the largest insider trading fraud scheme in history, paying $1.8 billion in fines. The idea that anyone should follow his lead is slightly insane.

Anyway. It's mostly the cost of living -- which is a consequence of the economic successes of those states. It's also that, wait for it... people retire, and often move to warmer climates. Arizona and Florida in particular are flooded with retirees from other states, notably NY.

And no, it's not about taxes. To wit: California's state tax burden is the 13th highest in the US. Numerous states with higher tax burdens -- Vermont, Maine, Minnesota, Rhode Island, Illinois, Ohio, Maryland etc -- aren't seeing massive migrations.

Or: Texas' total tax burden is 8.17% -- but California's tax burden is only 9.27%. Is that a huge motivation to move? Seems unlikely. In fact, Florida's tax rate is 6.82%. So why aren't Texans fleeing their "crushing" tax burden for Florida?

And no, it's not about corporate taxes either. Kansas slashed its corporate taxes for several years, and it utterly failed. It didn't draw in businesses, it didn't cause faster job growth. All it did was cause years of fiscal crises, as locals changed adjusted their tax strategies to pay less in taxes -- and then sit on the additional assets.

Similarly, California has had somewhat high income and corporate taxes -- and lower property tax rates -- for decades. And yet, somehow it managed to foster perhaps the biggest explosion in successful entrepreneurship the world has ever seen.

Oh, and keep something in mind: As those more Democratic-leaning people leave CA and NY for TX, GA, NC, SC, AZ etc... those states become more Democratic. So yeah, go ahead and cheer inter-state migration. Isn't it grand?

 

[VySky]

ZeroHedge

Steve Cohen In case you forgot, Cohen got nailed for the largest insider trading fraud scheme in history, paying $1.8 billion in fines. The idea that anyone should follow his lead is slightly insane.

Anyway. It's mostly the cost of living -- which is a consequence of the economic successes of those states. It's also that, wait for it... people retire, and often move to warmer climates. Arizona and Florida in particular are flooded with retirees from other states, notably NY.

And no, it's not about taxes. To wit: California's state tax burden is the 13th highest in the US. Numerous states with higher tax burdens -- Vermont, Maine, Minnesota, Rhode Island, Illinois, Ohio, Maryland etc -- aren't seeing massive migrations.

Or: Texas' total tax burden is 8.17% -- but California's tax burden is only 9.27%. Is that a huge motivation to move? Seems unlikely. In fact, Florida's tax rate is 6.82%. So why aren't Texans fleeing their "crushing" tax burden for Florida?

And no, it's not about corporate taxes either. Kansas slashed its corporate taxes for several years, and it utterly failed. It didn't draw in businesses, it didn't cause faster job growth. All it did was cause years of fiscal crises, as locals changed adjusted their tax strategies to pay less in taxes -- and then sit on the additional assets.

Similarly, California has had somewhat high income and corporate taxes -- and lower property tax rates -- for decades. And yet, somehow it managed to foster perhaps the biggest explosion in successful entrepreneurship the world has ever seen.

Oh, and keep something in mind: As those more Democratic-leaning people leave CA and NY for TX, GA, NC, SC, AZ etc... those states become more Democratic. So yeah, go ahead and cheer inter-state migration. Isn't it grand?

Agree. Except I argue they leave due to oppressive state government policies the blue state governors like to employ. Yes, they move for freedom then vote it away until where they fled too, becomes like the state they fled from. Austin for example.

 

[Logical1]

Why are they leaving? That is easy to answer. Those states have been run for decades by tax and spend democrats. They blow tax money to buy votes, pure and simple.

Easy solution-----------get rid of the democrats!!!

 

[vegas giants]

Why are they leaving? That is easy to answer. Those states have been run for decades by tax and spend democrats. They blow tax money to buy votes, pure and simple.

Easy solution-----------get rid of the democrats!!!

Will you send them to camp??? Lol

 

[SonOfDaedalus]

What makes one want to flee a place like NYC or CA for places like Texas, TN and Florida?

Statistics continue to mount

The Exodus Continues: Point 72 Is Opening New Offices In West Palm Beach

Steve Cohen may own the New York Mets, but it looks like his firm, Point 72, is going to be the latest to move part of its business to Florida.

Cohen, who's firm oversees $19 billion, is reportedly looking for "additional office space" in the Sunshine State, where he will open an office in West Palm Beach before the end of June, according to Bloomberg.

ZeroHedge

ZeroHedge - On a long enough timeline, the survival rate for everyone drops to zero

www.zerohedge.com

They're leaving because NYC is an expensive place to lease/buy an apartment or office space. That's what happens when everyone wants to live in NYC. I guess Republicans are very proud of the fact that they control real estate in areas people are not very eager to live in. More demand higher prices. Less demand lower prices. That's how capitalism works.

Wake me up when I can buy an apartment near Central Park cheap.

 

[What if...?]

What makes one want to flee a place like NYC or CA for places like Texas, TN and Florida?

Statistics continue to mount

The Exodus Continues: Point 72 Is Opening New Offices In West Palm Beach

Steve Cohen may own the New York Mets, but it looks like his firm, Point 72, is going to be the latest to move part of its business to Florida.

Cohen, who's firm oversees $19 billion, is reportedly looking for "additional office space" in the Sunshine State, where he will open an office in West Palm Beach before the end of June, according to Bloomberg.

ZeroHedge

ZeroHedge - On a long enough timeline, the survival rate for everyone drops to zero

www.zerohedge.com

You keep acting like we're scared of people leaving.

Here in California we love it when people leave.

They go to red states and turn them blue! C'mon Texas!

 

[VySky]

They're leaving because NYC is an expensive place to lease/buy an apartment or office space. That's what happens when everyone wants to live in NYC. I guess Republicans are very proud of the fact that they control real estate in areas people are not very eager to live in. More demand higher prices. Less demand lower prices. That's how capitalism works.

Wake me up when I can buy an apartment near Central Park cheap.

Just because you have money doesn’t mean you’re smart.

 

[Slartibartfast]

What makes one want to flee a place like NYC or CA for places like Texas, TN and Florida?

Statistics continue to mount

The Exodus Continues: Point 72 Is Opening New Offices In West Palm Beach

Steve Cohen may own the New York Mets, but it looks like his firm, Point 72, is going to be the latest to move part of its business to Florida.

Cohen, who's firm oversees $19 billion, is reportedly looking for "additional office space" in the Sunshine State, where he will open an office in West Palm Beach before the end of June, according to Bloomberg.

ZeroHedge

ZeroHedge - On a long enough timeline, the survival rate for everyone drops to zero

www.zerohedge.com

Once an economy gets too successful you tend to have a high cost of living.

 

[US&THEM]

Why are they leaving? That is easy to answer. Those states have been run for decades by tax and spend democrats. They blow tax money to buy votes, pure and simple.

Easy solution-----------get rid of the democrats!!!

More people moving to states leads to more revenue to be raised for public schools and services. Covid has allowed businesses and their employees to work remotely and it hasn’t had a negative effect on their bottom line. Office space will be minimized saving businesses money.

 

[VySky]

Once an economy gets too successful you tend to have a high cost of living.

But high taxes are the price to pay.

 

[VySky]

Once an economy gets too successful you tend to have a high cost of living.

These statistics make sense to anyone living in these places. The costly living expenses, crumbling infrastructure and high tax rates are a big problem for residents. If you live in NYC, you are forced to pay exorbitant taxes. The schools, bridges, tunnels, trains, airports and hospitals are falling apart. Casually walk the streets of NYC and you’ll notice that they are crowded and dirty.

New Yorkers Are Leaving The City In Droves: Here's Why They're Moving And Where They're Going

As more corporations move to cities that offer attractive tax incentives and a business-welcoming attitude, people will increasingly leave the New York area.

www.forbes.com

 

[Helix]

NYC is a ghost town. Lol

nobody ever goes to NYC. it's too crowded.



*paraphrased Yogi Berra.

 

[Slartibartfast]

These statistics make sense to anyone living in these places. The costly living expenses, crumbling infrastructure and high tax rates are a big problem for residents. If you live in NYC, you are forced to pay exorbitant taxes. The schools, bridges, tunnels, trains, airports and hospitals are falling apart. Casually walk the streets of NYC and you’ll notice that they are crowded and dirty.

New Yorkers Are Leaving The City In Droves: Here's Why They're Moving And Where They're Going

As more corporations move to cities that offer attractive tax incentives and a business-welcoming attitude, people will increasingly leave the New York area.

www.forbes.com

yes, i am sure the city is doomed

 

[ElChupacabra]

They're leaving because NYC is an expensive place to lease/buy an apartment or office space. That's what happens when everyone wants to live in NYC. I guess Republicans are very proud of the fact that they control real estate in areas people are not very eager to live in. More demand higher prices. Less demand lower prices. That's how capitalism works.

Wake me up when I can buy an apartment near Central Park cheap.

NYC and other urban centers will likely see population loss as new work flexibility takes shape. The pandemic has forced a wide scale proof of concept for remote work, so as large corporations finalize their office reopening schemes, the lowered requirement for on site employees provides more living options outside of the city. This could be a good thing for communities well outside the normal commuting range, but I think we'll get a better sense as to when all of this settles. Leaving a state altogether is also a distinct possibility for some, but it's another migration pattern that's still continues to develop since there are other benefits to living in or near urban centers.

 

[Visbek]

Agree. Except I argue they leave due to oppressive state government policies the blue state governors like to employ.

So much for having a fact-based discussion.

 

[Visbek]

NYC and other urban centers will likely see population loss as new work flexibility takes shape.

Perhaps. But people have expected for decades that technology would decentralize work, and it keeps not happening.

Remote work certainly has its limits. I think people are pretty sick of Zoom meetings by now. Productivity is enhanced just by having people in the room, and bouncing ideas off each other. The challenges of managing remote staff haven't gone away.

I also suspect that as the pandemic gradually lifts, people will care more than before about the things that make cities so attractive -- restaurants, bars, museums, theater, parks, shopping, and... other people.

 

[CaughtInThe]

how many of these stupid threads are we gonna have before people understand that places like CA are GROWING in population???



where are they getting this stuff? Hannity? Limbaugh?

 

[ElChupacabra]

Perhaps. But people have expected for decades that technology would decentralize work, and it keeps not happening.

Much in the same way people predicted computers being the end of paper, yet we still use it quite frequently. I will say that the pandemic forced a change that many organizations were hesitant to make, and now the hybrid/remote options of on site work is being implemented across many large corporations.

Remote work certainly has its limits. I think people are pretty sick of Zoom meetings by now. Productivity is enhanced just by having people in the room, and bouncing ideas off each other. The challenges of managing remote staff haven't gone away.

It does; we're social creatures and on site work allows for networking and relationship building that's impossible to replicate online. As for productivity being enhanced by being in the room, that depends on the type of work. I agree for those in creative areas that's certainly the case, but on the technology side it's less critical. Managing people remotely is definitely a challenge, but since many corporations already outsource positions, it isn't a new paradigm; plus technology offers plenty of tools to hold people accountable.

I also suspect that as the pandemic gradually lifts, people will care more than before about the things that make cities so attractive -- restaurants, bars, museums, theater, parks, shopping, and... other people.

Yep, which is why I mentioned the other benefits of living near urban centers. There's a convenience to living in centralized areas, since they offer a variety of options that enhance quality of life (access to healthcare, shopping, eateries, etc.) and that's why I don't think there will be some mass exodus. What is more troubling in terms of people fleeing is high crime rates, and that will be a challenge for urban centers to manage since some of it is due to the economic impacts of the pandemic.

My prediction is some people will move out of the city, but to the surrounding suburbs. We're seeing that here in NJ in all of the popular commuter towns; real estate is doing very well. For those who leave NYC, there's a good chance they'll just move to another up and coming city where the cost of living is low but they can still benefit from the NYC salary. How long this lasts is another question.

 

[Moderate Right]

What makes one want to flee a place like NYC or CA for places like Texas, TN and Florida?

Statistics continue to mount

The Exodus Continues: Point 72 Is Opening New Offices In West Palm Beach

Steve Cohen may own the New York Mets, but it looks like his firm, Point 72, is going to be the latest to move part of its business to Florida.

Cohen, who's firm oversees $19 billion, is reportedly looking for "additional office space" in the Sunshine State, where he will open an office in West Palm Beach before the end of June, according to Bloomberg.

ZeroHedge

ZeroHedge - On a long enough timeline, the survival rate for everyone drops to zero

www.zerohedge.com

No problem. These states will be able to make up the lost tax revenue by raising taxes on everyone left. That 'ill do the trick.

 

[Deuce]

Only right wingers flee California due to politics.

Liberals leave due to cost of living.

This isn't rocket science.

 

[SonOfDaedalus]

Just because you have money doesn’t mean you’re smart.

Well, Donald Trump certainly proved that once and for all.

I live in NYC. I know people who have moved out of NYC. I wish I could move out. It has very little to do with taxes.

Buying a home in NYC is extremely expensive and rents are high. If you can work outside of NYC you can buy a huge house for half the price of a small house in NYC.

NYC real estate has typically been in high demand which has led to high prices. That's capitalism.

If you slash taxes you also have to slash city services like policing, fixing potholes, and education. That won't necessarily make NYC a better place to live.

But of course, Republicans just cut taxes without ever thinking about the cuts. That's why in Oklahoma they couldn't even afford to keep schools open 5 days a week after their disastrous tax cuts.