A bevy of Wall Street executives, bankers and fund managers are leaving New York for Florida, opting for the "Sunshine State" over the metropolis, as the coronavirus pandemic has wiped out many of the benefits of working from a financial center. global.
Since legions of financial industry employees began working from home in March, Florida's warm weather, low taxes, affordable space, and quick and easy flights back to New York when needed have elevated their status.
About 30 large financial firms are "testing" in South Florida, said Kelly Smallridge, who runs an economic development agency in Palm Beach County. A handful are serious about moving staff there, she said.
Companies such as Elliott Management, Citadel and Moelis & Co are among the latest to say they will open satellite offices there or allow their sources of income to be based in Florida, executives said.
Goldman Sachs Group Inc is also considering moving some of the asset management staff there, according to people familiar with the process.
In the past, Wall Street executives have scrapped the idea of locating in Florida over concerns about schools, culture and networking opportunities.
Much of that has been removed as remote work and learning has taken over New York, while restaurants, museums and other venues remain largely closed due to lockdown measures to prevent the virus from spreading.
That has made Florida's laid-back lifestyle and business-friendly practices more attractive, bankers and investment professionals said.
Florida is part of a broader trend, with large finance companies moving staff from expensive cities like New York and San Francisco to lower-cost hubs in states like Ohio, Tennessee, Texas and Utah.
For many New Yorkers, Florida is closer culturally and physically than other states. It's in the same time zone and has more expats from the Big Apple than can be found in Salt Lake City or Nashville, the sources said.
Year-round alfresco dining is another plus, along with the absence of state income tax. Houses and apartments tend to cost less, and commercial rents are about half the price of Manhattan in places like Palm Beach County.
“Me encanta estar aquí y estoy tratando de hacer que algunos amigos se muden aquí”, dijo Kevin Couper, vicepresidente senior de Wealthspire Advisors, quien se mudó al sur de Florida hace seis meses. “La gente puede vivir su vida aquí”.
His opinion reflects what many of his fellow Wall Street executives say: If they can't be in the Manhattan skyscraper offices and enjoy the theater, concerts and restaurants, they would rather be near the beach.
Source: https://gestion.pe/mundo/eeuu/pandemia-hace-que-wall-street-mire-al-sur-por-beneficios-de-vida-y-trabajo-en-florida-noticia/
