Skip to comments.Job stream from Wall Street turning into a Florida flood
Posted on 12/10/2013 6:01:26 AM PST by SeekAndFind
The Big Apples fabled Wall Street district steadily is becoming more of a tourist hub than a financial hub.
New Yorks share of jobs in the securities industry dipped below 20 percent earlier this year to an all-time low, according to government statistics.
Moreover, jobs lost after the financial crisis are being replaced in the city at less than half the rate of the rest of the country. Two decades ago, New York had 30 percent of all such jobs.
(Excerpt) Read more at nypost.com ...
1) With high speed computers and telecommunication technology, you DON'T NEED TO BE PHYSICALLY IN WALL STREET.
2) You don't have to hire New Yorkers or PAY New York level salaries.
3) Many investment bankers, analysts and financial advisers can do their job ( and in fact are doing their work ) in places like Tampa and Jacksonville, Fla., and Salt Lake City.
4) Real estate prices are a fraction of Manhattans.
TO MAKE A LONG STORY SHORT -- HIGH COST CITIES ARE IN TROUBLE and have to compete with low cost cities.
It's quite similar to the jobs outsourcing theme people moan about -- albeit WITHIN the USA.
Boom City may soon go bust. Let’s see how the new mayor tackles this dilemma.
Apparently, NYC didn’t get the message when Limbaugh left.
“Boom City may soon go bust. Lets see how the new mayor tackles this dilemma.”
I’m sure he’ll tackle it head on with tax hikes and a flu shot mandate.
New York City might as well become a Disneyland playground.
After all, it’s governed by children and populated by fairies.
Or maybe everyone in NYC got the message when Limbaugh left and now they are following him (although they’ll never admit it).
How much longer before they're doing it in places like Mumbai, Mexico City, or Manila?
New York’s loss is America’s gain. And I say this as a former NY’er. Their easy wealth has made them arrogant. They are in for a very rude awakening under DeBlasio’s coming Marxism. When the dust settles, perhaps they will turn to their sense. If not, they will go the way of Chicago.
I grew up in NYC and love it - or I would, if it weren’t for its fruitcake leftist politicians and their insane policies - but there’s no way I’d live there now because the taxes are insane and the intrusiveness of the government is out of control.
I live near Jacksonville now, and it’s actually a very nice city. It’s had its growing pains and still has a horrible black ghetto occupying the headlines with a steady stream of killings, but most of the city is very nice and is near a good airport with easy access to everywhere. It has some new areas inhabited by mostly young people, and its older areas (Avondale, for example) are beautiful. The houses in these areas are expensive but worth it. An investment banker could afford a very nice one!
No state income tax, one-tenth the regulations of New York...hey, why not?
New York, New York, a helluva town..
The crime is up and employmnt is down.
Another leftist hole that people flee from. Then the leftist hole wants bailouts and the leftists themselves (like California) start invading other red states only to infect them with their leftists disease. And then the cycle repeats because leftists are too dumb to figure things out.
Maybe people are fleeing New York because they like FREEDOM and not have their guns confiscated by the Marxists.
RE: Lets see how the new mayor tackles this dilemma.
He already told us. HE WANTS TO SOLVE THE INCOME INEQUALITY PROBLEM.
Guess how a Democrat “solves” this problem... (See Detroit and other cities).
It’s not financial, but Rush moved his operation out of NY, and took his taxes with him.
>> Their easy wealth has made them arrogant.
and their corrupt wealth has made them, well, *corrupt*.
Hmmm... arrogant and corrupt... where ELSE do I see that lately...
"Who are you calling a fairy?!"
Ha, little boy blue
I’m sure DeBlasio will help turn that around.
So New York doesn’t have any horrible black ghettos with a steady stream of killings in them?
A fair number of financial sector jobs are going to Detroit. Its cheaper to do business than in NY and employees get more bang for their buck. My neighbor’s grandson was transferred to Detroit by Quicken and says it was like doubling his pay.
Fidelity Investments moved almost all of their employees out of their downtown Boston building they owned and up to Merrimack, NH about 10 years ago. I think the only ones left in Boston are a few upper management types. They rented out the rest of the building.
All the employees that moved here were pumped because their cost of living dropped dramatically. It was like they all got a 10-20% pay increase.
RE: My neighbors grandson was transferred to Detroit by Quicken and says it was like doubling his pay.
So, where does he live in Detroit? I’m curious.
RE: So New York doesnt have any horrible black ghettos with a steady stream of killings in them?
The city DOES have ghettos ( Just go way North of Manhattan towards the Bronx).
However Killings and Crime have DROPPED precipitously the past 20 years (under Giuliani and Bloomberg) due to aggressive policing (AKA Stop, Question and Frisk ), such that NYC is probably one of the SAFEST big cities in the world.
All that is going to change with Bill De Blasio at the helm.
Northwest Detroit. He’s within the city limits (He got a sizable bonus for living in town)
He likes it. He’s surrounded by other new arrivals, they have private security to augment police, buying adjacent empty lots to enlarge their yards etc. He says they’re rebuilding neighborhoods one block at a time and the residents who are already there love what they’re doing.
Is there a tax difference between NY and FL?
“Is there a tax difference between NY and FL?”
Does the sun rise in the east? Do bears still relieve themselves in the woods?
PS NYC even has a city income tax.
RE: Is there a tax difference between NY and FL?
That’s a rhetorical question, right?
More than "didn't get the message". When he left, the Mayor made the statement that he was glad Limbaugh was gone.
And so I wonder WHO are the young whites moving into NYC in such numbers that Manhattan real estate has gone off the charts and Brooklyn is following? What do they do for income?