NYC to Florida

Florida man jokes aside, do we think it makes sense for companies (ala GS, Citadel) to move folks to Florida out of New York?

I have reservations, many of them in fact, including but not limited to:

A. Talent (it is Florida, after all)
B. Infrastructure (both public roads and the lack of a place like Jersey to put your servers)
C. Education (for children)
D. Culture (I don't want to live where I vacation)
E. Climate Change (sinking into the sea)

Convince me otherwise?

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NYC is becoming less and less friendly to both businesses and the wealthy. Much of the wealthy has fled their city life during COVID (as in sold their apartment or permanently moved) to other places. Taxes are super high especially on the wealthy and as the upper class leaves so does the tax revenue which will mean higher taxes on those who remain. I think this is a super smart move. I have never thought of moving to FL but have at least been open to it this year and would love no income tax. They are also allowing the state to open and doing better than NYC with COVID. There are lots of good schools and smart people in Florida or who would love to live there so I think this could be a differentiator for these companies.

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When it comes to having a pool for hiring top talent, FL will never be NYC, simply put.

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But when it comes to having a pool, FL will do nicely

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NYC needs to learn to not be so left liberal. This is the hard way of learning and the residents will suffer. Why do you think tolls, property taxes, and speeding/red light cameras are being set up like crazy?

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At least in the county where I live and the next one over, .. Pasco, Hillsborough..No more red light cameras..I think Pinellas too

Yes I don’t think it will pan out the way these companies think. Particularly for reasons A and C that you laid out. FL doesn’t have the talent these high power firms expect when recruiting from places like NYC, so they won’t find current residents that meet their qualifications. And, because FL doesn’t have strong school systems or good private schools for children, you won’t find a lot of smart individuals moving their families down to FL for these jobs.

On the flip side, many folks have touted this benefit that FL has a more laid back work style compared to NYC (completely true). The benefit is, when these companies move there, company culture will shift and there won’t be so much of a 24/7 grind. That definitely won’t happen either. We’ll just have pockets of FL that are as fast paced as NYC when it comes to working.

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A. Condescending lol, there is talent everywhere and good talent will move for the right situation. Tax benefits too and weather will be enticing.
B. South Florida infrastructure is good. Roads are the least of concern. I imagine traffic will become an issue if there’s a mass influx because you cannot build subways for obvious reasons.
C. There are plenty of excellent private schools in South Florida (where GS will be moving)
D. South Florida (Palm Beach, Lauderdale, Miami) has more culture than 99% of cities out there. No one works on south beach.
E. We shall see on this one 🤞🏻

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Goldman has moved a ton of people out of NYC - to Texas, to Utah. Most financial services firms have - why do you think places like Charlotte, Tampa, Jacksonville - evolve as FS “centers”. As a consultant I did tons of this - the job moves and you are welcome to move with it or not. Lowers the cost for the employer, in many cases the employee gets a better quality of life. Of course all the Capos stay put - they’ve not leaving Manhattan restaurants and uprooting their families.

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Florida isn't that bad.. All of you are just pontificating.. Plenty of talent down here... Weather is a plus..and this is me who moved down from NYC to Tampa...

Only potential issue is driving up cost of real estate and traffic.. Flip side is, these companies need to pay more.. They move down here, still want NYC caliber talent, but still want to pay FL salaries... Either way. gonna be interesting to watch how it all plays out

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The talent one would find in NYC is not comparable to what’s available in FL. It’s a simple fact

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