#1,865 - New York, California each lost $1T in assets as financial firms fled south
News For Reasonable People
English - August 26, 2023 10:00 - 24 minutes - 17.3 MB - ★★★★★ - 7 ratingsInvesting Business Entrepreneurship san francisco trending news protests defund the police antifa blm seattle conservative republican journalism Homepage Download Apple Podcasts Google Podcasts Overcast Castro Pocket Casts RSS feed
Can you imagine losing an entire industry and seeing nearly a trillion dollars walk out of your state? That's the unfathomable reality for New York and California. Through the lens of our in-depth analysis, we'll expose how companies like Elliott Management, Alliance Bernstein, and Charles Schwab have uprooted from these states, taking with them valuable jobs and tax revenue. We've studied Bloomberg's corporate filings of over 17,000 firms since the end of 2019 and we're diving deep into the global pandemic's impact, the surge in remote work, and the allure of lower-tax states. We'll also call out the irony of politicians and celebrities who condemn these moves while quietly doing the same.
In a surprising twist, the number of tattoo parlors and microbreweries in a city are now significant factors influencing where businesses relocate. Wondering how that works and why Portland, the city with a high count of both, is being touted as the coolest city in the U.S.? We'll explain this and much more, including the consequences of the major business exodus from places like New York and California. What does it mean for cities like Portland? What does the future hold for these cities and how will they support an influx of new businesses? Prepare for a provocative conversation that will challenge your preconceptions and reveal the fascinating motivations driving these massive shifts.
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