Re-locations: from Forbes just a couple of weeks ago. Tech fleeing California; banks fleeing NYC.
The flight out of New York has been in the works before the pandemic. Wall Street executives previously relocated thousands of jobs to states outside of New York, in an effort to cut costs.
Credit Suisse, Goldman Sachs, Morgan Stanley, Barclays, UBS, Citigroup, Alliance Bernstein and an array of other financial institutions have established and aggressively staffed hubs in Florida, North Carolina, Salt Lake City, Dallas, Nashville and other less expensive locations compared to New York.
We will get a better feeling for the extent of these re-locations when we start to see stories late next year coming out of NY state and NYC about declines in tax receipts, both corporate and individual. You can bet that many NYC workers when allowed to work from "home" are moving "home" -- that is, to states with less onerous taxes. And frankly, less expensive to live in general.
Speaking of which, I still have financial attachments to banks in North Dakota, one in Grand Forks and one in Williston. The individual with whom I work at the Williston bank is now working from "home." I always assumed Williston was her home. Wrong. She continues to work for the bank in Williston, ND, but she is now back "home" in Idaho. I find that amazing, and I also find that incredibly progressive of the bank to allow her to do that.
This seems a good time to post this video again. I just noticed: this was released in 1969 which I argue is the most impressive year for music ever.
Texas will die like California if the newcomers bring their old attitudes with them. Look at Austin if you want to see the future of Texas.
ReplyDeleteIt was expected that Texas was going to go blue this year -- that Biden would win. The litmus test will be whether the state legislature enacts a state income tax, and there is movement in that direction. Willie Nelson is a democrat.
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