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Cuomo and De Blasio tax and policing policies are driving banks to move out of NYC.
"...FOX Business has learned that even with a vaccine that could allow city employers to filter all their workers back into Manhattan offices by late spring, every major Wall Street firm is drawing up plans to significantly slash its presence in the city for the foreseeable future....
But maybe the biggest factor, these people say, is a lack of faith in the ruling political class in New York.
Bankers are blaming New York City Mayor Bill de Blasio for allowing crime to reach new highs during the pandemic, and Gov. Andrew Cuomo for brutal lockdowns that have decimated the small businesses and quality of life in the city....
For the past decade, Wall Street firms and banks have been moving more and more of their employees to Texas and Florida to take advantage of the lower costs and taxes. But the pandemic is likely to speed up that trend because firms have found ways to let employees work from home and not in spacious expensive suites in the city...."
Cuomo and De Blasio tax and policing policies are driving banks to move out of NYC.
"...FOX Business has learned that even with a vaccine that could allow city employers to filter all their workers back into Manhattan offices by late spring, every major Wall Street firm is drawing up plans to significantly slash its presence in the city for the foreseeable future....
But maybe the biggest factor, these people say, is a lack of faith in the ruling political class in New York.
Bankers are blaming New York City Mayor Bill de Blasio for allowing crime to reach new highs during the pandemic, and Gov. Andrew Cuomo for brutal lockdowns that have decimated the small businesses and quality of life in the city....
For the past decade, Wall Street firms and banks have been moving more and more of their employees to Texas and Florida to take advantage of the lower costs and taxes. But the pandemic is likely to speed up that trend because firms have found ways to let employees work from home and not in spacious expensive suites in the city...."
And with today's technology LESS people are needed in "in the office".
The mayor and governor are to stupid to realize that when they allow the killings, looting and rioting, etc. to take place, the decent people will LEAVE!
NY LOST 2 seats in the house after the last census. Looks like they will lose at least another one this time.
That article is talking about Covid being the prime reason. NYC is a ghost town due to Covid. Companies across the USA are reconsidering their in-office staffing due to Covid.
Companies learned their staff can effectively work from home and companies are looking at reducing office space as a result. This is a win for employees which can now live anywhere they choose as long as they have internet and phone connections. Companies are looking to save money on expensive office space, especially in costly locations such as NYC.
Quote:
..pandemic is likely to speed up that trend because firms have found ways to let employees work from home and not in spacious expensive suites in the city.
Make sense. The left base is not people who is working for a living, it is they people who want handout.
Let's just gloss over the fact that the blue states generate enough tax dollars to support the welfare queens - the red states.
In any event this has little to do with Cuomo and DiBlasio - there is about to be an absolute GLUT of office space nationwide. If you own a business you have an opportunity to move anywhere in the country and probably darn near able to set your own terms.
Real bad time to be a commercial landlord or management company.
Cuomo and De Blasio tax and policing policies are driving banks to move out of NYC.
"...FOX Business has learned that even with a vaccine that could allow city employers to filter all their workers back into Manhattan offices by late spring, every major Wall Street firm is drawing up plans to significantly slash its presence in the city for the foreseeable future....
But maybe the biggest factor, these people say, is a lack of faith in the ruling political class in New York.
Bankers are blaming New York City Mayor Bill de Blasio for allowing crime to reach new highs during the pandemic, and Gov. Andrew Cuomo for brutal lockdowns that have decimated the small businesses and quality of life in the city....
For the past decade, Wall Street firms and banks have been moving more and more of their employees to Texas and Florida to take advantage of the lower costs and taxes. But the pandemic is likely to speed up that trend because firms have found ways to let employees work from home and not in spacious expensive suites in the city...."
Why is this a bad thing?
Are you a big fan of the concentrated power of Wall Street the way it is?
I suspect that both big banks and New York will survive just fine, whatever happens.
With remote working, businesses don't need the huge office spaces of the past and are realizing that a small number of employees can staff a corporate HQ in a much more tax-friendly location. So even if the firm buys or leaves a smaller office space in NY, there is no reason they shouldn't look into moving the corporate HQ somewhere else.
Cuomo and De Blasio tax and policing policies are driving banks to move out of NYC.
"...FOX Business has learned that even with a vaccine that could allow city employers to filter all their workers back into Manhattan offices by late spring, every major Wall Street firm is drawing up plans to significantly slash its presence in the city for the foreseeable future....
But maybe the biggest factor, these people say, is a lack of faith in the ruling political class in New York.
Bankers are blaming New York City Mayor Bill de Blasio for allowing crime to reach new highs during the pandemic, and Gov. Andrew Cuomo for brutal lockdowns that have decimated the small businesses and quality of life in the city....
For the past decade, Wall Street firms and banks have been moving more and more of their employees to Texas and Florida to take advantage of the lower costs and taxes. But the pandemic is likely to speed up that trend because firms have found ways to let employees work from home and not in spacious expensive suites in the city...."
Everything the democrats tough seems to turn to _________
Let's just gloss over the fact that the blue states generate enough tax dollars to support the welfare queens - the red states.
In any event this has little to do with Cuomo and DiBlasio - there is about to be an absolute GLUT of office space nationwide. If you own a business you have an opportunity to move anywhere in the country and probably darn near able to set your own terms.
Real bad time to be a commercial landlord or management company.
"In any event this has little to do with Cuomo and DiBlasio -" keep dreaming!
THEIR policies, taxes and a refusal to STOP the rioting etc. have a LOT to do with people moving out.
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