Bankers Are Begging Their Employers For Transfers From New York To Florida

[LIBrty4all 3,749]

Ahhh, the irony

 

https://www.dailywire.com/news/bankers-are-begging-their-employers-for-transfers-from-new-york-to-florida

[Dashinka 24,110]

Not really surprising.

[laylalex 7,282]

LOL, opening an office in Miami doesn't mean that GSAM is going to suddenly uproot itself from the city and move the whole operation to Florida.  Opening an office in Miami makes good business sense to take advantage of all the Brazilian/Russian/etc. money already sloshing around there. Alex used to work at Goldmans and it's a very tough environment -- you have to be all in to make it your life, especially when you're starting out. When your life is 24-7 work, the idea of some measure of escape is tempting. Al got out when he'd made a big enough pile to jump ship and try something new, because it was killing him and wasn't doing much for his home life. It is great to have on your CV though.

 

Yes, of course there are people who want to leave NYC, and yes there is a crime wave at the moment in the city. I have several good friends who live there and they've said the same about crime, but their own lives are not impacted. I don't know anyone looking to leave any time soon. Sure, that's anecdata but it's bananas to think that the financial center of the US and frankly the world is going to migrate en masse to Florida.

 

Beyond that, that article is unbelievably sloppy and relies on a lot of correlation MUST equal causation thinking. And this is an interesting counterpoint, from only a few months ago, so I wonder why these articles are so different?

 

Quote

 

As things are looking brighter, the exodus out of Manhattan has subsided—and it's now reversing. Wall Street big shots who moved to Miami and Palm Beach during the restrictive lockdowns are seeking to come back home, as they miss their old, pre-pandemic Manhattan lifestyle. The Wall Street executives claim that the city boasts the “best schools, theaters and restaurants.” Bloomberg says several billionaires are seriously considering moving back to the Big Apple.

Jason Mudrick, who oversees $3 billion at Mudrick Capital Management in NYC, quipped, “The main problem with moving to Florida is that you have to live in Florida.” Mudrick explained, “New York has the smartest, most driven people, the best culture, the best restaurants and the best theaters.” He added, “Anyone moving to Florida to save a little money loses out on all of that.”

Mudrick predicted that when people return to New York, “It will be like the Roaring Twenties — you’ll see a resurgence here like never before.” This shift toward returning to New York is a strong signal that the economy and businesses will soon reopen. When this happens, the job market will experience, as Goldman Sachs said, an upcoming jobs boom.

 

https://www.forbes.com/sites/jackkelly/2021/03/12/in-a-strong-sign-the-pandemic-is-ending-wall-street-banks-and-hedge-funds-that-fled-to-florida-are-now-coming-back-home-to-new-york-city/?sh=2bcfe8683e18

[Neonred 3,517]

Oh #######.  Here they come...

[Boiler 44,857]

I read a story that Google when they allow relocation also adjust salaries.

[Ban Hammer 13,110]

27 minutes ago, Neonred said:

Oh #######.  Here they come...

time to upgrade your florida home........

[laylalex 7,282]

1 minute ago, Boiler said:

I read a story that Google when they allow relocation also adjust salaries.

Yes, that's true. Not everywhere, but a number of managers are requiring or warning of adjustments. The rationale is why should I pay you NYC money when you're living in Skokie?

[Boiler 44,857]

Just now, laylalex said:

Yes, that's true. Not everywhere, but a number of managers are requiring or warning of adjustments. The rationale is why should I pay you NYC money when you're living in Skokie?

I do not want to harp on about this but the logical conclusion is a world rate for such jobs and I am pretty certain it will be a lot lower than Skokie.

[laylalex 7,282]

4 minutes ago, Boiler said:

I do not want to harp on about this but the logical conclusion is a world rate for such jobs and I am pretty certain it will be a lot lower than Skokie.

Adjustments are regularly made to benefits. We have a smaller housing allowance down here than what he had up in SF. His bachelor pad there was a dump and it cost almost as much our current one. But salary and potential bonus stayed the same, because the cost of living otherwise down here is similar to up there. He also doesn't get a monthly public transportation pass like he did before, even before COVID. 

[Dashinka 24,110]

1 hour ago, Boiler said:

I do not want to harp on about this but the logical conclusion is a world rate for such jobs and I am pretty certain it will be a lot lower than Skokie.

Not really sure that would work given the cost of living differences around the US and around the world.

[Boiler 44,857]

37 minutes ago, Dashinka said:

Not really sure that would work given the cost of living differences around the US and around the world.

If there is a 25% cut by moving from SF to Northern California then presumably elsewhere in the US would be more and other Countries a lot more?

 

So if you are employing people who are basically digital nomads why pay US wages?

[TBoneTX 44,672]

8 hours ago, laylalex said:

of course there are people who want to leave NYC

As long as they leave their politics there...

8 hours ago, laylalex said:

Mudrick explained, “New York has the smartest, most driven people, the best culture, the best restaurants and the best theaters.”

And some people have their noses so high in the air that if they walked outside in the rain, they'd drown.

4 hours ago, Boiler said:

So if you are employing people who are basically digital nomads why pay US wages?

Seems there's a bunch of Hondureños, Salvadoreños, and Guatemaltecos available for hire, probably cheap...

[Dashinka 24,110]

4 hours ago, TBoneTX said:

As long as they leave their politics there...

And some people have their noses so high in the air that if they walked outside in the rain, they'd drown.

Seems there's a bunch of Hondureños, Salvadoreños, and Guatemaltecos available for hire, probably cheap...

It is amazing how pompous some people can be.

[LIBrty4all 3,749]

Ignoring for a moment those who are naysayers to the movement of personnel, the housing market in Florida exploded last year, with people from the NE buying properties sight unseen for 20-50% more than they were worth just months prior.  I have a friend who sells real estate down there who told me she had people under contract with sellers, and a new buyer would come in and offer the current buyer anywhere between $100-500k to just walk away.

 

Property taxes aren't cheap in Florida, but compared to Long Island, they certainly offer quite a bit of savings.  And then there's the state income tax situation.  Lots of incentive for people who are smart enough to do the math to uproot and move.  Some are content to just live because moving is scary.

[Dashinka 24,110]

1 hour ago, LIBrty4all said:

Ignoring for a moment those who are naysayers to the movement of personnel, the housing market in Florida exploded last year, with people from the NE buying properties sight unseen for 20-50% more than they were worth just months prior.  I have a friend who sells real estate down there who told me she had people under contract with sellers, and a new buyer would come in and offer the current buyer anywhere between $100-500k to just walk away.

 

Property taxes aren't cheap in Florida, but compared to Long Island, they certainly offer quite a bit of savings.  And then there's the state income tax situation.  Lots of incentive for people who are smart enough to do the math to uproot and move.  Some are content to just live because moving is scary.

Still doesn't seem like a good idea to overpay by so much, but I suppose if one has the money...