Escape from New York

[tommy156]

Originally Posted by berryberry

Lol. He's already made his millions from investing in NYC. It's easy for him to say this now. He no longer needs NYC. But he's clearly biting the hand that has fed him so well for decades.

[eyecu2]

Mr wonderful is a fool. He and Cardone boycotting investment underwriting is like the kid who takes his ball and goes home.

New York is just fine without 3 liars and their supposed "Billions."

Plenty of lenders and buyers will be glad to fill their void.

[berryberry]

New York state lost $25 billion in adjusted gross income from migration out of the state in 2021, according to Internal Revenue Service data analyzed by CNBC. This was on top of the $20 billion the state lost in 2020.

As for California, the Golden State lost $29 billion in 2021 after losing $18 billion in 2020.

That's a total of $92 billion between them over just two years. And overall, both states went from a budget surplus to a deficit.

It is only getting worse as businesses flee these leftist hellholes

[HDGristle]

https://www.cbsnews.com/newyork/news...w-report-says/

[berryberry]

New York loses $1 Trillion in Wall Street Business as firms flee the city

A giant, sucking sound is coming out of Wall Street — and it’s siphoning staggering sums of money out of the Big Apple while handing business to Florida and other states farther south.

Nearly 160 Wall Street firms have moved their headquarters out of New York since the end of 2019, taking nearly $1 trillion — yes, that’s trillion with a “T” — in assets under management with them, according to data from 17,000 companies compiled by Bloomberg.

Looking to dodge rampant crime, stiff taxes and an increasingly exorbitant cost of living, 158 fed-up financial firms representing a whopping $993 billion in assets have packed up and left the Big Apple, taking thousands of high-paid employees with them, the data shows.
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In all, 56 of the New York firms have decamped to Florida, while most of those remaining also headed to warmer states such as Texas and the Carolinas, according to the report. New York isn’t the only major loser, with California also having lost $1 trillion in financial assets under management to Florida, Texas and other lower-cost states.

Other major losers to Florida include Chicago, which lost billionaire Ken Griffin’s giant hedge fund Citadel to Miami last year.

The mass migration threatens a crippling economic blow. Last year, Wall Street accounted for 16% of all the economic activity in the city and 7.3% of economic activity statewide

Likewise, the exodus has grave tax implications for the city and state. Last year, financial firms paid $5.4 billion in New York taxes and accounted for nearly a quarter of all personal income tax collections, according to the report.

[tommy156]

Originally Posted by HDGristle

https://www.cbsnews.com/newyork/news...w-report-says/

Oops... this doesn't fit the narrative at all.

[winn dixie]

Originally Posted by berryberry

New York loses $1 Trillion in Wall Street Business as firms flee the city

A giant, sucking sound is coming out of Wall Street — and it’s siphoning staggering sums of money out of the Big Apple while handing business to Florida and other states farther south.

Nearly 160 Wall Street firms have moved their headquarters out of New York since the end of 2019, taking nearly $1 trillion — yes, that’s trillion with a “T” — in assets under management with them, according to data from 17,000 companies compiled by Bloomberg.

Looking to dodge rampant crime, stiff taxes and an increasingly exorbitant cost of living, 158 fed-up financial firms representing a whopping $993 billion in assets have packed up and left the Big Apple, taking thousands of high-paid employees with them, the data shows.
.
.
.
In all, 56 of the New York firms have decamped to Florida, while most of those remaining also headed to warmer states such as Texas and the Carolinas, according to the report. New York isn’t the only major loser, with California also having lost $1 trillion in financial assets under management to Florida, Texas and other lower-cost states.

Other major losers to Florida include Chicago, which lost billionaire Ken Griffin’s giant hedge fund Citadel to Miami last year.

The mass migration threatens a crippling economic blow. Last year, Wall Street accounted for 16% of all the economic activity in the city and 7.3% of economic activity statewide

Likewise, the exodus has grave tax implications for the city and state. Last year, financial firms paid $5.4 billion in New York taxes and accounted for nearly a quarter of all personal income tax collections, according to the report.

Lol
Sir companies have been fleeing ny for a couple of decades now. This is nothing new

[DNinja69]

More 'sky is falling' rhetoric promoted by people who advocate persecution for those with Liberal ideology.

How American is that!

#Freedom

[berryberry]

Tony Seruga Greenlawn Capital

They still have no idea what they’ve done. What is that sucking sound? I do not want to cause any additional anxiety for my partners but our family office is working on pulling $2B out of NYC as cleanly as possible. A number of pension funds that have already abandoned ESG are now divesting from NY real estate.

I know many reading this think they are experts in everything. You’re not. Those of us who actually attended law school and have been doing commercial real estate for over 40 years, you’ve been lied to. You do not have the facts. You do not know what you are talking about. We employ two of the largest law firms in the country and they’ve been in meetings 16 hours a day in order to determine just how bad this all really is.

Every one of these companies, representing trillions of dollars in real estate, is carefully evaluating whether to stay or exit.

Chetrit Group
Vorea Group
Turnbridge Equities
Extell Development
Bldg Management Company
Vornado Realty Trust
L+m Development Partners
United Construction And Development Group
Beb Capital, Totem
Howard Hughes Corporation
Starrett Corporation
Rfr Realty
Jay Group
Property Markets Group
Rabsky Group
Two Trees Management
Heartfelt Townhouse Builders
Lonicera Partners
Taconic Partners
Beitel Group

Whether Trump wins on appeal or at SCOTUS, the precedent has been set. A wall has been broken and there are no take backs. Any company can now be targeted and have their assets seized at the whim of an over zealous AG or politicians. I don’t expect you to know or understand standard CRE practices, but every company below could be found guilty of the exact same actions the Trump Organization was accused of and found guilty, because it is NOT a crime.

The feds declined to file charges as did the previous AG. And the reality is, this should have been heard by the Commercial Division, however, they had already declined to file.

Why do you suppose the real experts in complicated commercial cases, part of the Supreme Court of New York State would decide not to pursue?