Article on Bloomberg right now discussing it. Would be an incredibly negative sign for the economic future of NYC.
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Old news....already been discussed over and over on Blind 2-3 months ago
"For JPMorgan employees, a move comes with some perks. In New York’s Tribeca neighborhood, $1.05 million will get you a 605-square-foot, one-bedroom apartment with an open kitchen, windowless bathroom and shared roof deck. In Plano, the same price gets you a 5,684-square-foot home with five bedrooms, six bathrooms, a 400-bottle wine room, a covered patio with wood-burning fireplace and a combined pool and spa." lol at city livers, just lol.
I find it telling though that descriptions of quality of life in TX cities always focus on the size of the house and it’s amenities. What about cultural activities, transportation access (besides driving), neighborhood character? Personally I put more value on those things than how many rooms my house has.
They are focusing on the size of the house because it is a great indicator to show how much further money can go in TX than NY.
That’s just one aspect of what your money should buy though. When I pay up for an apartment in NYC, I’m paying to be close to NYC amenities. I get less house size but more of the other things. In Texas it seems like all I get is house size.
Its a Bloomberg article, not a whitepaper on qualitative and quantitative benefits of moving to Texas.
Tell me about these magical amenities that are worth paying over $1,000 psf for, I really want to know...
You mean stepping over homeless people and feces, congestion, high crime rate, freakshow people with 5 colors of hair and piercings and a mayor that can't read? Those culturally enriching aspects of NYC?
Oh that's easy. As someone that lives in the area and works right on the border of uptown and downtown, Dallas sucks. There's very little culture, just an abundance of restaurants and bars. Public transportation is virtually non existent relative to how spread out things are so you can count on being stuck in a car for large chunks of your day since you'll likely have to drive to a station to take a train anyways. And what conveniently gets left out of the discussion is the reason people talk about house size so much is you can expect to spend a lot of time in it. Early May - late October sees 100+ degrees every day usually, with it only cooling to high 80s at night; maybe a month of fall then it shifts to 30 degree temps until February/early March. And the downtown is essentially barren, you can easily walk 40-50 yards between people at any time of day, any time of year; it looks like they haven't really updated it since they filmed Robocop there in the 80s. I spent a week in D.C. late September and was walking around Georgetown/downtown every day and it was an enjoyable 60-80 degrees even at midday vs the wall of heat I experienced when I returned, 95 degrees at 7 pm like 2 days before October.
There's a reason people like the coasts more, because there's more to do, that's easier to access, in more enjoyable weather. Yeah you can fly out of Dallas to see other things, but for all you'd be missing, like pop up events by A list entertainers, you will either miss out on a ton or you might as well live in NYC.
This thread is about JPM. JMP doesn’t pay their guys enough to afford NYC anyway
Everyone needs to understand that this is solely focused on back-office operations (compliance, legal, internal-finance, etc.) Some middle office functions are moving too (credit risk for example). However, this does NOT affect advisory/capital markets functions or S&T functions which will reside in NYC for the long-term foreseeable future (in the new massive headquarters that the firm has poured hundreds of millions into as a long-term bet on NYC), as they are client facing and require top talent which would be impossible to attract in Plano TX.
For the record it is not just for BO. There will be some FO roles being migrated and more importantly JPM already has regional IB and Corp Banking coverage in Dallas and ATL. I’ve heard it’s mainly Heath care consumer retail and energy. Nonetheless, I would move in a heart beat. This all comes down to personal values and goals and this topic is discussed on forums and in the news ad nauseam but it’s all relative
Some people will go to great lengths on living anywhere else than NY doesn’t make sense for people earlier in their careers especially for finance while I’m in the group where I think it makes zero sense to live in NYC but you get paid the same (minus maybe 10% ) living in low COL. For me if I think having a great quality of life (nice 800sq ft apartment zero roommates, vacations,museums visits,sporting events,etc) id rather have more $$ to throw at those things than having to cut back because $2500-$3000+ in rent just to save 10-20 minutes on a commute.
As Jewish person I'd rather live on a raft in East River than live in fucking Texas.
I’m a Jew from NY area, moved to TX a few years back.
Life is better
Enjoy Kansas motherfuckers
Wait,
So now equities in Dallas is a good thing?
Little did we know everyone working in Dallas were the ones who started "Equities in Dallas," in order to keep all the New York clowns out