Wall Street Firms Flee New York, Taking $1 Trillion with Them to Other States

by J Pelkey
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The exodus of Wall Street firms from New York City remains steady, as nearly 160 companies have relocated their headquarters out of the city since the end of 2019. These financial firms have taken approximately $1 trillion in assets with them, representing a substantial loss for New York City.

The reasons for this exodus are clear: a surge in crime, homelessness, a disregard for the law, and a massive surge in illegal immigrants into the city.

While the financial firms are leaving, the never-ending surge of illegal immigrants is costing the city millions of dollars per day.

The New York Post reported:

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A giant, sucking sound is coming out of Wall Street — and it’s siphoning staggering sums of money out of the Big Apple while handing business to Florida and other states farther south.

Nearly 160 Wall Street firms have moved their headquarters out of New York since the end of 2019, taking nearly $1 trillion — yes, that’s trillion with a “T” — in assets under management with them, according to data from 17,000 companies compiled by Bloomberg.

Looking to dodge rampant crime, stiff taxes and an increasingly exorbitant cost of living, 158 fed-up financial firms representing a whopping $993 billion in assets have packed up and left the Big Apple, taking thousands of high-paid employees with them, the data shows.

Icahn Capital Management — headed by billionaire corporate raider Carl Icahn — is among the most prominent firms to decamp to the Sunshine State. In August 2020, the firm ditched its posh Manhattan digs atop Fifth Avenue’s General Motors Building in favor of a 14-story office complex in a Miami suburb.

Icahn’s firm, which manages $22.2 billion in assets, now conducts business less than a mile away from his mansion in Indian Creek Village.

More from Breitbart News:

Imagine what this drain is doing to New York’s tax base. The city is losing all these millionaires and billionaires. And who’s going to fill all that office space? Who’s going to continue to fund the Lincoln Center and the like? Who will buy or lease those empty apartments and homes?

Leftism is always a recipe for failure, always. Sadly for the left, free people are free to flee leftism, to vote with their feet. See ya!

The allure of states such as Texas and Florida lies in their more affordable cost of living and more favorable tax conditions.

Similar to San Francisco, New York City is entering a cycle of decline, and the situation is likely going to get much worse.

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