so the NY -> FL exodus is super fucking real apparently

[sonatine]

like its not a glitch, its not covid, its not OmG NyC Is ToO LiBTarDEd aNd DiRty.

its taxes.

real estate agents in miami are showing commercial spaces to like 3-4 NY hedge funds a day.

its all about cost cutting pretty much.

honestly i wonder how NY is going to deal with this. the subways need to be totally rebuilt, some of them are still offline from Sandy.. bridges are rapidly approaching unsafe.. like wtf are they going to do here..

[Kalam]

like its not a glitch, its not covid, its not OmG NyC Is ToO LiBTarDEd aNd DiRty.

its taxes.

real estate agents in miami are showing commercial spaces to like 3-4 NY hedge funds a day.

its all about cost cutting pretty much.

honestly i wonder how NY is going to deal with this. the subways need to be totally rebuilt, some of them are still offline from Sandy.. bridges are rapidly approaching unsafe.. like wtf are they going to do here..

I imagine this isn't helping things

[sonatine]

thats federal and has nothing to do with the issues at bar honestly.

ny state income tax is extremely high, as are property taxes.

pretty much no one here has a problem with AOC.

[desertrunner]

Posted today- https://www.google.com/amp/s/amp.sac...247846770.html

[desertrunner]

pretty much no one here has a problem with AOC.

She does not belong in politics, rather see her going out with me.

[Daly]

thats federal and has nothing to do with the issues at bar honestly.

ny state income tax is extremely high, as are property taxes.

pretty much no one here has a problem with AOC.

Well..... if one is making 200K a year in NYC and then moves to West Palm Beach working the same job for 100K and has a similar standard of living (weather, traffic, culture, et al aside)......

.....Then federal taxes do come into play.

Plus state & City & fuel & soda &&&&& ~~ - but that’s the point you were making

[GambleBotsChafedPenis]

think this was gonna happen, just that COVID supercharged the velocity of it happening...

banks were already starting to take the non-revenue generating parts of the business to places like this...

ive got my popcorn out for this one...i have no doubt that these multi-billion dollar operations will adapt if they choose to move everything out of NYC, but it was very easy for them to recruit talent up in NYC...all the ivys with the exception of cornell are within 3 hours, plus a shitton of other top schools...probably will be a pain in the ass but they'll still go after people from there...might be a culture shock for a little while going from northeast schools all the way down to florida, but at least the coke will be better...

[OSA]

pretty much no one here has a problem with AOC.

Uhhh....Maybe because theres so much hate pointed to Deblasio and Cuomo

[sonatine]

pretty much no one here has a problem with AOC.

Uhhh....Maybe because theres so much hate pointed to Deblasio and Cuomo

[sonatine]

thats federal and has nothing to do with the issues at bar honestly.

ny state income tax is extremely high, as are property taxes.

pretty much no one here has a problem with AOC.

Well..... if one is making 200K a year in NYC and then moves to West Palm Beach working the same job for 100K and has a similar standard of living (weather, traffic, culture, et al aside)......

.....Then federal taxes do come into play.

Plus state & City & fuel & soda &&&&& ~~ - but that’s the point you were making

i mean grain of salt this because i literally just learned this was a thing today, but it feels like this isnt the sort of thing where people are relocating, taking new jobs with a paycut because its worth it because of X Y Z that sort of thing.

this feels like hedge fund x with all its research staff is just saying fuck it, we are moving to miami, we are saving 13% off our state income taxes and another 40% on our office fees, everyone pack your shit or give notice. like i really dont think anyones taking salary cuts.

id love to know if im wrong obviously because thats kinda why this feels like such a quantum change honestly.

[sonatine]

also first big tropical storm lands and this whole initiative vanishes is my guess.

imagine an entire office screaming over hurricane winds, power is down / bloomberg terminals are dark, and the one guy in the office with cell reception has 17 minutes of battery time left and is trying to close out their positions because biden just tapped in chris christie to head the fema relief efforts and spooz is wilting.

[abrown83]

like its not a glitch, its not covid, its not OmG NyC Is ToO LiBTarDEd aNd DiRty.

its taxes.

real estate agents in miami are showing commercial spaces to like 3-4 NY hedge funds a day.

its all about cost cutting pretty much.

honestly i wonder how NY is going to deal with this. the subways need to be totally rebuilt, some of them are still offline from Sandy.. bridges are rapidly approaching unsafe.. like wtf are they going to do here..

Here's the thing that boggles my mind.

So you move out of NYC because the policies of the Democrats you have elected to office don't work. (Arguing Federal deficit spending and big programs is entirely different than States doing it because States can't print money.)

You move to a new State and you are excited about how it's run and functions.

Then you decide to elect the same type of people that broke the previous state you lived in and start the cycle all over again.

It might be the definition of insanity.

Nevada and Colorado are looking at you Texas and Florida.

[Texter]

like its not a glitch, its not covid, its not OmG NyC Is ToO LiBTarDEd aNd DiRty.

its taxes.

real estate agents in miami are showing commercial spaces to like 3-4 NY hedge funds a day.

its all about cost cutting pretty much.

honestly i wonder how NY is going to deal with this. the subways need to be totally rebuilt, some of them are still offline from Sandy.. bridges are rapidly approaching unsafe.. like wtf are they going to do here..

Here's the thing that boggles my mind.

So you move out of NYC because the policies of the Democrats you have elected to office don't work. (Arguing Federal deficit spending and big programs is entirely different than States doing it because States can't print money.)

You move to a new State and you are excited about how it's run and functions.

Then you decide to elect the same type of people that broke the previous state you lived in and start the cycle all over again.

It might be the definition of insanity.

Nevada and Colorado are looking at you Texas and Florida.

Yep...my county is now purple after being red for generations. Anyone in oil and gas who votes dem....I don’t get. If you’re going to vote on social issues, that’s fine but don’t bitch when you’re laid off.

[Rick Sanchez]

Then you decide to elect the same type of people that broke the previous state you lived in and start the cycle all over again.

It might be the definition of insanity.

Nevada and Colorado are looking at you Texas and Florida.

What liberal policies broke Nevada? I'm enjoying my 0.00% state income tax here.

[Sanlmar]

So you move out of NYC because the policies of the Democrats you have elected to office don't work.

You moved out of NYC because a 1 bedroom apt is $4000/mo.

You moved for economic not political reasons.


However, you make an excellent point that the politics will be transferred. Had not thought of that.


They are moving to Florida for a full 12 months? Omg.

[abrown83]

So you move out of NYC because the policies of the Democrats you have elected to office don't work.

You moved out of NYC because a 1 bedroom apt is $4000/mo.

You moved for economic not political reasons.


However, you make an excellent point that the politics will be transferred. Had not thought of that.


They are moving to Florida for a full 12 months? Omg.

$4,000 rents are political, read up on NYC rent control policies. Then let’s talk

[desertrunner]

Then you decide to elect the same type of people that broke the previous state you lived in and start the cycle all over again.

It might be the definition of insanity.

Nevada and Colorado are looking at you Texas and Florida.

What liberal policies broke Nevada? I'm enjoying my 0.00% state income tax here.

Its not really a "liberal policy" and did not "break Nevada", but this year Nevada finally passed Collective Bargaining just for the state employees and this was a GOOD thing and long overdue. Why- employees would join the state work force, get experience and then jump ship for better pay. This would hurt the state of NV and cut down productivity by 25%. Now, this new policy will actually SAVE the state money in the long run because it literally is "cheaper to keep her" now.

[Dan Druff]

Los Angeles and San Francisco are seeing similar exoduses, especially SF.

2020 really hastened the big city exodus because you had the 1-2 punch of COVID and riots. Or, alternatively put, "What's the worst place to be during times of pandemic and riots? Answer: The big city!"

Prior to 2020, cities were enjoying nearly 2 interrupted decades of an increase in desirability. They were seen as the center of the action, the cool place to be, and the way to avoid the commute. That's all out the window now. People want open space and to be away from the dangers and disruption of social unrest.

The high tax situation in certain places like NYC is also a factor, obviously, but that's not what has caused this sudden exodus.

We're actually back to the thinking of the '70s-'90s, when big cities were seen as gritty, mostly undesirable places to be, and the suburbs were the preferred area to live. As traffic worsened and cities gentrified, this shifted to the opposite line of thinking in the 2000s, and now we're full circle back to 50 years ago, albeit for different reasons.

Everything old is new again.

[abrown83]

Then you decide to elect the same type of people that broke the previous state you lived in and start the cycle all over again.

It might be the definition of insanity.

Nevada and Colorado are looking at you Texas and Florida.

What liberal policies broke Nevada? I'm enjoying my 0.00% state income tax here.

1. Pass a bunch of social issue policy bills
2. Fund a bunch of social programs to indoctrinate people into step 1.
3. Figure out how to pay for step 2.

Nevada is wrapping up step 1, don’t worry step 2 doesn’t last long before they will move to step 3 and come out with their hand out.

[Sanlmar]

You moved out of NYC because a 1 bedroom apt is $4000/mo.

You moved for economic not political reasons.


However, you make an excellent point that the politics will be transferred. Had not thought of that.


They are moving to Florida for a full 12 months? Omg.

$4,000 rents are political, read up on NYC rent control policies. Then let’s talk

That was my kid.

Pandemic struck. Her company was on the verge of expanding their office space. Remote solved a Covid and a office space challenge so they set her free with her laptop.

She bolted. Just a pragmatic decision. The Hasidic Jews who own the building will have a “come to Jesus” supply demand moment. My daughter is only slightly worried about the day one of the brothers gets out of jail.

I understand the broader point you are making with rent control etc though. Valid indeed.

As an aside, you were right about Vegas real estate. I wrote a couple of slick posts in the Elon Tusk thread a day or two ago regarding flight from the S.F. shithole and Pinterest paying $90/mill to break lease.