haha I don’t who the guy in the white hoodie is, but he didn’t beat around the bush for a second.
Point72 opening a Miami office, relocating managers, analysts, and engineers from the Madison Ave office.
D1 headed to Coconut Grove from midtown.
I have contacts at both firms, neither is a total move. Both partial relocations, people are trampling each other to get out the door and down to Fl. Between the two 100+ jobs going to Miami, mostly in the 7 figs ranges.
In fairness if you’re not making those going to FL take a cut it’s a no brainer. Not only does FL blow away NY in every way except snow production, there’s no State income tax and properties taxes are 1/2 of what they are in the suburbs.
At least in finance the standard is no cut.
My tax savings from not paying to the state of NY covers all of my housing costs lol. I know dozens who have relocated and haven’t heard of any cuts. In some cases people got bonuses and their moving expenses paid. Icahn gave out tons of cash and guarantees.
Both my wife and I made out on the deal regarding our comp packages regardless of taxes. We earn more now than we did before (before tax).
If they cut me I would quit on the spot and be working somewhere else by the end of the week, probably with a signing bonus.
I did the math, it’s not even close if you don’t have to take a pay cut to relocate. House insurance in Florida is higher, so are food costs, but just about everything else is the same or cheaper. Welcome to the land of the free!
It is great for the employees, and the firms, but not the city and state.
Too many high tax bracket jobs are moving real fast.
My prediction is that the population of the city and surrounding area will stabilize, but the average income will plummet. There will be a great swap as higher earners leave and are replaced by lower earners. The three pillars of the NYC economy are income tax, property tax, and sales tax. All three take a beating as the top tax tier dwindles.
They will have to try to recuperate tax revenue through tax hikes and vice taxes on gambling and pot and possibly prostitution (very unlikely). Although 60% of the workforce will be returning to offices by the end of the summer they will only on average be commuting in two days a week. The commuter population on any given day will be down 80 - 85% precovid levels, even if you say it’ll only be down 50% that is still not going to be enough to recover sales tax receipts, and tolls to sustainable levels.
I couldn’t care less about the financial status of NY, it’s a shithole that isn’t worth saving. The majority of my family is already in Florida or making plans to move.
Havent you heard, the greatness of NYC is far greater than that silly finance industry! NYC will just have Biden print and give them more money and will be a utopia of CDB oil stores and international snacks!
I keep leaning on finance because it is the industry I am in. I am sure it isn’t the only one. IT is also the highest tax paying industry in the city, so there is that too.
Most of the recruiters we know are now placing remote jobs and jobs in South Florida.
As soon as Mrs Ned updated her address she got seven calls for seven possible interviews, all in Miami, and all paying well into 1% territory.
Are you headed to Miami area? Lots of finance companies in Jacksonville too
Im not far south of Jacksonville, just north of St Augustine. “South Ponte Vedra Beach”.
Lots of work in Jacksonville, and most of my finch vendors, such as Advent/SS&C, have opened offices in Jax the last year. A lot of FI traders are living in the PVB area, and working remotely for offices based in the Lake Mary area.
Mrs Ned’s firm just relocated to Miami, nice office in the Brickell area. She has to travel down once a month.
We will probably ride it out as long as we can here before moving further south. It is nice here.
@Onthegreen411 are you down south?
I’m further south on the east coast, just north of Jupiter on the Treasure Coast. I love it down here, live on a golf course, great people, great governor, less congestion than West Palm.