Hedge Funds Are Ready to Get Out, While Florida Cities Beat NYC for Fastest Tech Growth вЂњFloridaвЂ™s Chief Financial Officer sent a letter to the New York Stock Exchange outlining the advantages of moving to the вЂSunshine State.вЂ™ Miami is distributing promotional material comparing its quality-of-life metrics and taxes to New York City,вЂќ the letter continued. вЂњIn contrast, governors and mayors in Florida, Texas, North Carolina and Maryland, to name just a few, have established aggressive programs to recruit talent and attract jobs from New York to their lower cost, lower taxed regions,вЂќ wrote T he Partnership of NYC to the State Legislature. Kathryn Wylde, president and CEO of the Partnership for New York City, told CNBC вЂњthat business leaders are hearing from employees and potential recruits about the need to set up offices in states outside of New York in order for them to avoid paying higher tax rates.вЂќДЇlorida is actively courting New Yorkers to Move The partnershipвЂ™s executive committee includes JPMorgan CEO Jamie Dimon, BlackRock CEO Larry Fink, Citigroup CEO Jane Fraser and Blackstone CEO Steve Schwarzman. The Partnership of NYC represents many of the cityвЂ™s largest businesses, leaders, and employers. Partnership for New York City says Businesses Setting Up Offices Outside the City Because of Tax Increase

вЂњThey then decide to leave the tax hell that those states are in and move to the state of Florida.вЂќ вЂњLetвЂ™s just talk about the empty nesters from New York, or the empty nesters from New Jersey,вЂќ Patronis said. Jimmy Patronis, FloridaвЂ™s CFO, told Fox Business in May that about 900 people a day were moving to the state, citing the вЂњtax hellвЂќ of New York as a prime example. And, according to the Orlando Sentinel, nearly all Florida businesses avoid the stateвЂ™s corporate income tax, with lawmakers turning a blind eye. On the polar opposite, Florida charges zero personal income tax. New York CityвЂ™s millionaires pay the highest personal income taxes in the nation вЂ“ 14.8% for the highest earners with city and state taxes. The Ultra-Rich Escaping NYвЂ™s вЂњTax HellвЂќ for a Brighter Future in Florida On the other hand, four of the top five fastest-growing cities were in the major Florida hubs of Orlando, Miami, Jacksonville, and Tampa, according to the report. Manhattan saw 4.3% of households move out during the pandemic вЂ“ but only regained 0.31% of occupancy through May and June. Mail forwarding data from USPS suggests Americans are returning to major East Coast cities, Jefferies analysts said in a recent note. Some are returning back to NYC as pandemic resides, but nowhere near the rate of FloridaвЂ™s growth As the Tampa Bay Times notes, a majority of Florida counties - nearly all of them in the most populous areas of the state with metropolitan cities - saw increases. One must also keep in mind that unlike NYC, Florida is not restricted to Miami as the only desired metro area. Miami also beat NYC in this regard, with 8.8% growth from 2010 to 2020, compared to 7.7 percent for the Big Apple. But, the national gain was 7.4 percent.ДЇlorida, on the other hand, nearly doubled the national growth, with its population growing 14.6 percent from 18.8 million residents in 2010 to 21.5 million in 2020. New York State experienced a modest upswing last decade, up 823,000 people, or 4.2 percent. Recently-released 2020 Census data showed NY city and state growing over the past decade defying expertsвЂ™ predictions and spurring applause from publications and electeds. The 2020 Census: NY Growth is Modest, While Florida Doubles National Average In total, for the 2019-April 2021 period, 104,960 New Yorkers left to Florida. ThatвЂ™s a whopping 32 percent increase from the same period the prior year, when 25,370 made the move. More than 33,500 New Yorkers have moved to Florida between September 2020 and March 2021, according to the Florida Department of Highway Safety and Motor Vehicles.

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