Wall Street executives are leaving New York for Florida - Business Insider

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Bankers and Wall Street executives are fleeing New York and moving to Florida in droves as the pandemic makes remote work look more permanent

Daniel Milian, from right, Miguel Martinez, and Laura De Armas chat as they relax on South Beach in Miami Beach, FL on Friday, June 19, 2020. Miami Beach reopened on June 10th after being shutdown due to the Covid-19 pandemic.The coronavirus pandemic and remote working has prompted some bankers and Wall Street executives to move from New York to Florida.

About 30 major financial firms are "kicking the tires" in South Florida, said Kelly Smallridge, who runs an economic development agency in Palm Beach County. A handful of them are serious about shifting staff there, she said. Much of that has been eliminated as remote working and learning have taken over New York, while restaurants, museums and other venues remain all but closed because of lockdown measures to prevent the virus from spreading.

Year-round open-air dining is another plus, along with the absence of state income tax. Houses and apartments generally cost less, and commercial rents are about half the Manhattan price in places like Palm Beach County.

 

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