Skip to content

Recent Posts

  • All HELL Breaks Loose As Michigan County Opens With Prayer Invoking Satan
  • The Wall Builders
  • Talk Back To The Devil
  • PARDONS & PROSECUTIONS: Yesterday Was The PERFECT Metaphor For The Weaponizing Of Biden’s DOJ
  • Campus Riots: Texas And Princeton Demostrate VERY Different Reactions

Most Used Categories

  • Commentary (1,398)
  • USA News (1,304)
  • Politics (1,231)
  • Culture (351)
  • World News (233)
  • Economy (203)
  • Justice (174)
  • Videos (134)
  • Education (130)
  • News Clash (117)
Skip to content
The Conservative Insider

The Conservative Insider

Subscribe
  • Subscribe
  • Home
  • Politics
  • World News
  • Education
  • Economy
  • Home
  • Commentary
  • New York City Loses $1 TRILLION in Business as Wall Street Firms Abandon the Big Apple

New York City Loses $1 TRILLION in Business as Wall Street Firms Abandon the Big Apple

iPatriotAugust 28, 2023August 27, 2023
This post originally appeared on ClashDaily.com

Wall Street is fast becoming Door Street as companies head for the exits leaving the Big Apple with a whopping one trillion dollars in losses as companies move out of the Empire State.

A new report by Bloomberg finds that an incredible 160 companies have moved their headquarters out of New York in general and New York City in particular for a loss of $1 trillion in assets as they moved southward.

The reasons? Soaring crime and, even worse, soaring taxes are causing these companies to wave bye bye to the destruction that Democrats are wrecking on the state and the city both.

Most of the companies from New York are moving to Florida. But they are also moving to Tennessee and Texas and even to Connecticut and New Jersey.

Per Bloomberg, which also reported on similar loses for California:

The moves, often born out of a desire for lower taxes, warmer weather and cheaper mansions, have pushed the industry’s footprint into parts of the US that previously didn’t have much of a finance presence beyond regional banks. It’s upending the economies of the hot new destinations, spurring plenty of angst in the places left behind, and creating new opportunities for investment professionals outside historic financial centers.

“The Sun Belt is continuing to change — no longer just a place of traditional industries like oil and gas, no longer just focused on tourism, or just focusing on the retirement community,” said Amy Liu, the interim president of the Brookings Institution and a researcher on urban policy. “These pandemic moves sort of reinforce that the major metros in these states are certainly becoming a destination for new industries.”

From the start of 2020 through the end of March 2023, more than 370 investment companies — about 2.5% of the US total, and managing $2.7 trillion in assets — moved their headquarters to a new state. The vast majority of the migration was out of high-cost-of-living locales in the Northeast and on the West Coast and into Florida, Texas and other Sun Belt refuges. North Carolina and Tennessee each added more than $600 billion in assets, mostly from just two relocations: AllianceBernstein to Nashville from New York in 2021 and Allspring Global Investment to Charlotte from San Francisco last year.

Bloomberg can desperately try to blame it on “looking for bigger mansion,” but the fact is Democrats despise the business sector and see business solely as an free ATM to continually steal money from.

On the other hand, most of the states (such as Tenn., Texas, and Florida) are very business friendly and they are reaping the rewards.

It is all proof, once again, that Democrats destroy everything they touch.

Follow Warner Todd Huston on Facebook at: facebook.com/Warner.Todd.Huston, or Truth Social @WarnerToddHuston

This post originally appeared on clashdaily.com

Post navigation

Previous: ‘That’s the Bottom Line’ Podcast with Gene Vallorani – August 25, 2023
Next: Border Patrol Announces Another 33 Percent Spike In Illegals in July

Related Posts

Trump Prosecutor/DA scandal includes some sketchy White House implications

January 10, 2024January 11, 2024 ClashDaily

WATCH: Journalists Covering Trump’s Trial Joke About JFK & Assassination

January 10, 2024January 11, 2024 ClashDaily

Wolf Of Wall Street Weighs In On Pelosi’s Remarkable Success In Trading

January 1, 2024January 2, 2024 ClashDaily

Get a daily newsletter from The Conservative Insider.

Recent Posts

  • All HELL Breaks Loose As Michigan County Opens With Prayer Invoking Satan
  • The Wall Builders
  • Talk Back To The Devil
  • PARDONS & PROSECUTIONS: Yesterday Was The PERFECT Metaphor For The Weaponizing Of Biden’s DOJ
  • Campus Riots: Texas And Princeton Demostrate VERY Different Reactions

Categories

  • Commentary
  • Culture
  • Doug's Columns
  • Economy
  • Education
  • Faith
  • Justice
  • News Clash
  • Opinion
  • Politics
  • Uncategorized
  • USA News
  • Videos
  • World News

Archives

  • April 2024
  • March 2024
  • February 2024
  • January 2024
  • December 2023
  • November 2023
  • October 2023
  • September 2023
  • August 2023
  • July 2023
  • June 2023
  • May 2023
  • April 2023
  • March 2023
  • February 2023
  • January 2023
  • December 2022

Information

  • Privacy Policy
  • Contact Us
Copyright 2023 © All Rights Reserved - The Conservative Insider