What's Wrong with New York? - We've said this before, and it's obvious to everyone with a pulse: New York City is the Mecca of the world's financial system. It's the center, the capital, the hub.
But lately, it would seem that many would prefer the humidity and sunshine over a terrible commute and ridiculous state income taxes.
I'm talking about South Florida and the exodus from all over the country into the Sunshine state.
It's not just fintwits. It's cryptobros, commercial real estate, and tech companies too.
The exodus from high-tax states has been extreme. Places like Jersey, the Empire State, Illinois, and California have felt the brunt of the exodus, while more business-friendly states like Florida, Texas, Arizona, and the Carolinas have been on the receiving end of many high-earners.
For places like Miami, this has been a boom time. New developments, revitalization efforts, and a flood of new money have invigorated the local economy.
The latest move to South Florida is BlackRock. Their head of fixed income, who runs about 20% of BlackRock's book, owns a home in West Palm Beach, and he is setting up shop in a snowbird office along with a few dozen other employees.
Sure, Manhattan is a magical place, but it's by no means Disney World for adults.
Lately, the city smells like New Jersey, with a summer heat wave turning our trash into literal hot garbage. Don't get me started about crime. That's a problem nationwide of late, but it seems like we are also getting the short end of the stick here in the city.
Also, have you ever experienced a winter where it never dipped below 60 degrees? Sure, you might get the occasional hurricane scare, but not getting dumped on by a snowstorm every other weekend for a few months out of the year is a nice reprieve.
What do you think, Apes? Any interest in moving to Florida?