"That shift is "scary" for New York's economy and its competitiveness in the market for top talent, according to Kathy Wylde, president and CEO of the Partnership for New York City, the high-profile financial services advocacy organization. The group released new research last week that shows New York is dangerously close to losing its leadership status as the financial hub of the United States."
"He has been endorsed by New York Governor Kathy Hochul, a Democrat, who has watched the continued drain of companies from the state's rolls on her watch. New York has lost nearly 160 companies to low-tax states in the past five years. Among them are big names in financial services such as Icahn Capital Management, Elliott Management, Alliance Capital and ARK Investment Management, which have taken with them more than a trillion dollars in assets and high-paying jobs."
New York is experiencing a significant exodus of financial firms and talent to low-tax, business-friendly states such as Texas, Florida, Tennessee and North Carolina. High taxes and an increasingly onerous regulatory environment are cited as primary drivers pushing companies to relocate. Research indicates New York is close to losing its leadership as the nation's financial hub. Nearly 160 companies have left in the past five years, including major investment firms that moved over a trillion dollars in assets and high-paying jobs. The migration has intensified political debate ahead of the mayoral election, with tax proposals and competitiveness central to the contest.
#financial-migration #taxes-and-regulation #new-york-economy #corporate-relocations #mayoral-politics
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