As we have shown in our article “ Lower US State Tax Drives Population Inflows, Home Price Rises”, high taxes drive businesses towards low tax neighbours – below are some recent datapoints that echoe our analytical conclusion:
1) People Pouring Out Of US Cities Like LA And New York Even Before COVID Started
– New York lost 376 residents per day to domestic migration since 2019:
-Almost 60,000 people moved to New York while 200,000 people left in 2019
2) Carl Icahn moves hedge fund from NYC to Miami:
–for warmer weather and fewer taxes
3) Goldman Sachs eying Florida move for key division
– Florida offers tax advantages
– The securities and trading industry paid >18%, or more than $15 billion, of collected state taxes, and 6% of NYC taxes collected.
4)Deutsche Bank raises prospect of moving half its New York staff
-Deutsche Bank could move as many as half its 4,600 Manhattan staff to lower-cost area for cost saving
-Manhattan was losing finance centre jobs to cheaper cities such as Tampa and Dallas
Very sad to see great cities like NYC falling apart like this, but from investment point of view, there is no time for pity – sell NY/LA and buy TX/FL!
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