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The article mentions how much NYC relies upon the wealthiest residents to fund almost 50% of its annual budget, up from 40% in 2019. That signals to me that taxes played a role in Mr. Robbins decision to move.
Mr. Robbins move is coming in phases, like most others. They keep some ties to NYC, while slowly moving away. Mr. Robbins will still work 3 days/week in NYC, & keep his hedge fund offices there...for now.
I look for that to change in time. I'm betting that eventually, his entire business operation will move to FLA.
NY has now lost 11 Billionaires in the last 5 years, & a few of them landed in Florida:
NYC has also lost 2/3rds of its Fortune 500 HQ's. High taxes and the anti-business political climate has taken its toll.
The Billionaires don't trash NY on their way out the door because they still have social & business ties there, so they are guarded w/ their words. His words "driving its biggest customers away" speaks volumes. He felt driven out by the political leaders in NYC.
imho...NYC is in a death spiral, brought on by Liberal politics. NY has lost 52% of Millenial movers & lead the U.S. in young worker brain drain:
The article mentions how much NYC relies upon the wealthiest residents to fund almost 50% of its annual budget, up from 40% in 2019. That signals to me that taxes played a role in Mr. Robbins decision to move.
Mr. Robbins move is coming in phases, like most others. They keep some ties to NYC, while slowly moving away. Mr. Robbins will still work 3 days/week in NYC, & keep his hedge fund offices there...for now.
I look for that to change in time. I'm betting that eventually, his entire business operation will move to FLA.
NY has now lost 11 Billionaires in the last 5 years, & a few of them landed in Florida:
NYC has also lost 2/3rds of its Fortune 500 HQ's. High taxes and the anti-business political climate has taken its toll.
The Billionaires don't trash NY on their way out the door because they still have social & business ties there, so they are guarded w/ their words. His words "driving its biggest customers away" speaks volumes. He felt driven out by the political leaders in NYC.
imho...NYC is in a death spiral, brought on by Liberal politics.
Democrats in NY will tell us that it’s not a big deal and nothing to worry about. Besides, these people are being replaced by illegal aliens, which will likely help NY to maintain house districts in the future after the 2030 Census.
Did Mr. Hedge Fund Mogul sell his real estate in NY? And move his company headquarters to FL? That would be a sign of real commitment.
They almost never do that. They spread that out over time. They try not to burn bridges in NYC, & trigger the tax goons from coming after them.
Plus, they have friends, family, & employees, they are leaving behind in NYC, so don't want to do too much damage on their way out.
They try to stay under the radar, but this guy has been more vocal than most. In time, he'll finalize the move of his household and company. He'll likely keep an office in NYC and a co-op for part time work & visits. Florida will be his primary residence. Many of his employees, & theri families will follow eventually.
Democrats in NY will tell us that it’s not a big deal and nothing to worry about. Besides, these people are being replaced by illegal aliens, which will likely help NY to maintain house districts in the future after the 2030 Census.
For decades, they said it as no big deal when they lost a Fortune 500 HQ, or Two, but now that has quietly added up to losing 2/3rds of them. POOF!
The Billionaires leaving is like deja vous all over again..."no big deal...we only lost 11 of them in the past 5 yrs...we have lots more"...until they don't.
NYC has 119 Billionaires, but they've lost 11 in just 5 years...almost 10%.
Will NYC pol's learn from losing 2/3rds of their Fortune 500's? Or, will they just keep milking it, until 2/3rds of the Billionaires are gone too?
I see no hope of them learning from history, & they'll very likely fail again...for the last time.
Its insatiable greed, power, & short-sightedness all spun into 1 disasterous mess.
What a shame for the people who live there...or have had to leave...like my entire family.
They almost never do that. They spread that out over time. They try not to burn bridges in NYC, & trigger the tax goons from coming after them.
Plus, they have friends, family, & employees, they are leaving behind in NYC, so don't want to do too much damage on their way out.
They try to stay under the radar, but this guy has been more vocal than most. In time, he'll finalize the move of his household and company. He'll likely keep an office in NYC and a co-op for part time work & visits. Florida will be his primary residence. Many of his employees, & theri families will follow eventually.
Looks like lot didn't read the opening statement!
"Mr. Robbins move is coming in phases, like most others. They keep some ties to NYC, while slowly moving away. Mr. Robbins will still work 3 days/week in NYC, & keep his hedge fund offices there...for now.
The article mentions how much NYC relies upon the wealthiest residents to fund almost 50% of its annual budget, up from 40% in 2019. That signals to me that taxes played a role in Mr. Robbins decision to move.
Mr. Robbins move is coming in phases, like most others. They keep some ties to NYC, while slowly moving away. Mr. Robbins will still work 3 days/week in NYC, & keep his hedge fund offices there...for now.
I look for that to change in time. I'm betting that eventually, his entire business operation will move to FLA.
NY has now lost 11 Billionaires in the last 5 years, & a few of them landed in Florida:
NYC has also lost 2/3rds of its Fortune 500 HQ's. High taxes and the anti-business political climate has taken its toll.
The Billionaires don't trash NY on their way out the door because they still have social & business ties there, so they are guarded w/ their words. His words "driving its biggest customers away" speaks volumes. He felt driven out by the political leaders in NYC.
imho...NYC is in a death spiral, brought on by Liberal politics. NY has lost 52% of Millenial movers & lead the U.S. in young worker brain drain:
Fl a place only the wealthy will live,,, but they are fickle, they won’t stay.
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