This news probably wouldn’t be particularly newsworthy were it not for the fact that few in the media have been talking about it. For the past several years, there has been what the New York Post describes as a “giant, sucking sound” coming from the financial sector in New York City. That “whooshing” sound you hear has been caused by more than 150 major financial firms on Wall Street calling it quits and moving to more friendly climes around the country, particularly in the South. And they have taken just shy of one trillion dollars in assets, along with some of the highest earners (and highest taxpayers) with them. This exodus has quietly gutted the city’s revenue base and left a lot of very pricy real estate vacant, causing property values to slowly degrade in what was long considered some of the most prestigious property in the country. And the state and municipal governments are the responsible parties in this collapse.Read More
Wall Street denizens fleeing NYC
