Still skeptical about the detrimental impact of the progressive agenda on New York? Look no further than the compelling new data revealing the significant exodus of Wall Street firms, along with nearly $1 trillion in assets under management, since 2019.
The data, compiled by Bloomberg, highlights the departure of 158 financial firms managing $993 billion in assets.
In 2020, Icahn Capital Management, overseeing $22.2 billion in assets, relocated. The following year, ARK Investment Management also moved to the Sunshine State, taking with it $24.7 billion in assets.
In 2022, AllianceBernstein, which manages an impressive $685 billion in assets, joined the exodus.
These departures not only result in the loss of assets and job opportunities, but also in the loss of potential spending in New York.
Wall Street firms alone contributed to 16% of the city’s economy last year.
Consequently, the city faces a monumental decline in tax revenue.
In fiscal year 2023, financial-sector firms paid $5.4 billion in city taxes, whereas in fiscal year 2022, the amount paid to the state was $22.9 billion.
Remarkably, the exodus of firms has continued beyond the end of the COVID-19 pandemic, persisting throughout March.
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