Even New York’s millionaires are fleeing to less expensive cities


New York City and California have many great things about them that one can’t get anywhere else. In New York it’s Manhattan. The food, the bustle, the everything. It’s not for everyone but it is special. Cali has the best weather in the USA, great beaches, and great skiing. But there’s a point at which even people who can afford to pay a government enforced premium for these things just get fed up.

(From The New York Post)

The massive bonus pool typical for city workers is under stress as more bankers and traders bolt for Florida and other states to escape New York’s punishing taxes and steep living costs, according to several pros who have studied the latest compensation data from the state comptroller…

…“There are many relocating — and if you see financial service firms expanding in future, it will be to Tampa, Fla., and Austin, Texas, and other places where it’s not as expensive to live as New York,” he added. “It’s showing up in the numbers.”

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