The trickle of businesses ditching NYC is slowly becoming a flood. First it was banks; now it’s private equity and hedge funds. They’re leaving the high taxes of Big Apple behind for Palm Beach County’s sandy beaches and appealing business environment, the New York Post reports:
“Florida is a state of choice,” said Thalius Hecksher, global development chief for Apex Fund Services, who moved many of his operations to Palm Beach. “It’s organically grown. There’s no need to drag people down here. It’s a zero-income-tax jurisdiction.”
Palm Beach officials have been pulling out all the stops, recently opening an office “dedicated to luring finance hot shots down south.”
New York is in big trouble. On top of its persistent financial and budgetary crises, now its biggest cash cow is skipping town. New York has been able to afford expensive blue policies largely due to high taxes on big financial firms, whose wealth has been responsible, directly and indirectly, for keeping the city chugging along. If these businesses continue to flee the state, New York will find itself in the same dire straits as its blue counterparts across the country.
This needs to be a wake-up call for New York politicians.