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New York loses $1 trillion in Wall Street business as firms flee the city: report
nypost.com ^ | August 21, 2023 | Shannon Thaler

Posted on 08/21/2023 7:35:38 PM PDT by lowbridge

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.

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.

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.

One year later, closely watched tech-stock guru Cathie Wood — famous for her bold, windfall bet on Elon Musk’s car maker Tesla –moved her firm ARK Investment Management — and its $24.7 billion worth of assets — to St. Petersburg, Fla.

(Excerpt) Read more at nypost.com ...


TOPICS: Business/Economy; Front Page News; News/Current Events; US: New York
KEYWORDS: newyork; nyc; wallstreet
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To: Mark

Oh, NYS is doing that.

But NYS telling taxpayers to make bricks out of straw doesn’t mean it’s gonna happen.


61 posted on 08/22/2023 5:19:10 AM PDT by mewzilla (We will never restore the republic if we don't first secure the ballot box.)
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To: Cobra64
"Ever been there? No? I didn’t’ think so."

I've spent many-a-day in Manhattan. Working at the World Financial Center, looking out the window at the Twin Towers (and later looking out a shattered window down onto the rubble.). Dodging Bocce Balls in the hallways of the Waldorf. I've jumped between cars late at night on the Long Island Railway. I've ridden in NYC taxis with drivers who used their horns the way that bats use their radar (those guys were masterful!).

No, NYC has not always been for losers. But it is today, and will be tomorrow. As a long-time Floridian I always worried that the dam of humanity in NYC would burst and come flooding into Florida. That has certainly proven to be the case.

62 posted on 08/22/2023 5:20:28 AM PDT by The Duke
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To: GOPJ

Have you look at Florida’s budgets?

If Deep State turns off the tap, FL will be in a world of hurt.


63 posted on 08/22/2023 5:20:39 AM PDT by mewzilla (We will never restore the republic if we don't first secure the ballot box.)
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To: lowbridge
Ya know maybe one day a major city or 2 could easily be cordoned off and used as a prison like the movie!! Would be easy to do once all the companies leave!!
64 posted on 08/22/2023 5:26:55 AM PDT by sit-rep
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To: mewzilla

Yeah, that $20 billion dollar surplus and $2.7 billion in 2023 tax relief has been hard to take, lol.


65 posted on 08/22/2023 5:30:30 AM PDT by elenvee ("...against all enemies, foreign and domestic..")
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To: lowbridge

They’re trying to make it up on the backs of people who rent apartments and condos. But the city will hollow out; and the danger is foreign oligarchs swooping in to buy up NYC real estate. Chinese, Arabians, Russians...


66 posted on 08/22/2023 6:34:50 AM PDT by Albion Wilde (Either ‘the Deep State destroys America, or we destroy the Deep State.’ --Donald Trump)
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To: dfwgator
Should have dropped dead back in 1975, like Gerald Ford wanted it to.


In a speech before the National Press Club on October 29, 1975,
President Gerald Ford denies the near-bankrupt New York City a
federal bailout, prompting the New York Daily News to run the
infamous "Drop Dead" headline the next day.

Ford to City: Drop Dead
[History Channel audio 3:25]

67 posted on 08/22/2023 6:46:52 AM PDT by Albion Wilde (Either ‘the Deep State destroys America, or we destroy the Deep State.’ --Donald Trump)
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To: BatGuano
My ancestor settled in Brooklyn in February, 1659.

Perhaps we're related. My ancestor helped found Brooklyn in 1603. Another was mayor of Brooklyn in the 1800s.

68 posted on 08/22/2023 6:53:11 AM PDT by Albion Wilde (Either ‘the Deep State destroys America, or we destroy the Deep State.’ --Donald Trump)
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To: Col Freeper
What a fantastic graphic! Did you do that?


69 posted on 08/22/2023 7:02:24 AM PDT by Albion Wilde (Either ‘the Deep State destroys America, or we destroy the Deep State.’ --Donald Trump)
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To: mewzilla

We have excess money in our State Government. New York’s in debt up to their eyeballs... And money from DC? I can assure you - New York would have more and waste more...


70 posted on 08/22/2023 7:31:28 AM PDT by GOPJ (Hunter Biden’s pet name for his father on his cellphone. It was “Pedo Peter”. Jim Hoft )
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To: Albion Wilde

Yea.

Unfortunately it’s seriously outdated by the current regime, since the Federal budget is about 38T now.

But hopefully it is still effective in getting the message across.

Thanks for the response.


71 posted on 08/22/2023 7:31:50 AM PDT by Col Freeper (Praise and Trust in the LORD in All Things at All Times.)
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To: klgator
I tell my Yankee neighbors when they tell me how they did it up north, "The way you did it up north is why you're living down here now."

Excellent comeback...

72 posted on 08/22/2023 7:34:19 AM PDT by GOPJ (Hunter Biden’s pet name for his father on his cellphone. It was “Pedo Peter”. Jim Hoft )
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To: thefactor

You don’t find it bizarre that the Mayor of the nation’s largest city suddenly up and goes to Jerusalem while his city is inundated with foreign infiltrators?
Why not meet with the local Jews?


73 posted on 08/22/2023 9:21:25 AM PDT by Extremely Extreme Extremist
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To: flaglady47

NYC is moving mountains to house and feed foreign infiltrators. These dirtbags are living in 5-star rooms and eating the finest meals.
They’ve had homeless on the streets for decades and put them into overcrowded shelters with crappy food.


74 posted on 08/22/2023 9:35:07 AM PDT by Extremely Extreme Extremist
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To: thefactor

>> Seems like you’re saying this is a Jewish plot. Why don’t
>> you just say it instead of being coy?

If you look at the poster’s history, he seems to be obsessed with da Joos. Trying to be just obtuse enough to skirt the edge of a zot.


75 posted on 08/22/2023 9:46:50 AM PDT by JadeEmperor
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To: lowbridge

But the mayor, the former NYPD affirmative action hire, fiddles while Rome burns.


76 posted on 08/22/2023 10:59:30 AM PDT by july4thfreedomfoundation (Disband and Defund the putrid FBI. America does not need an out of control Gestapo)
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To: lowbridge

When these big spenders are not eating and drinking and shopping, the retail in the city gets hit hard. Increased crime doesn’t help much either.


77 posted on 08/22/2023 11:02:15 AM PDT by 1Old Pro
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To: cherry

You wrote that without evidence.


78 posted on 08/22/2023 1:42:41 PM PDT by Jacquerie (ArticleVBlog.com)
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To: Albion Wilde

I used to say kick the UN out of NY. Now I think it is in the best place for it.


79 posted on 08/22/2023 3:11:54 PM PDT by Mouton (US Home to one party rule)
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To: Mouton

I suppose they deserve each other.


80 posted on 08/22/2023 3:17:21 PM PDT by Albion Wilde (Either ‘the Deep State destroys America, or we destroy the Deep State.’ --Donald Trump)
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