HIGH EARNERS LEAVING NEW YORK
November 23, 2020 - Douglas Myser
High earners leaving new york. Brenan Hefner is one of thousands of high earners who've left New York this year, an exodus that is deepening concerns over a projected $9 billion budget shortfall. While the city is no longer the national virus hotspot it was earlier this year, those leaving cite anxiety over the region's economy and quality of life and a conviction that higher taxes are coming. Last month, business leaders publicly upbraided Mayor Bill De Blasio for "deteriorating conditions in commercial districts and neighborhoods across the five boroughs." By forcing the mass adoption of remote work and crimping many of the advantages of urban life, the pandemic has turbocharged migration from high cost, high density places to lower cost states including Texas, Florida and Nevada. Nearly half of New Yorkers earning more than $100,000 a year said they considered leaving the city recently, with cost of living being the top factor, according to a Manhattan Institute survey. High earners leaving new york.
"The cost of living down here is significantly less," Hefner said by phone from his new home. "There's no state income tax. I'm not riding mass transit during the middle of a global pandemic to get to a subway to live in a WeWork or something." For Brenan, the pandemic showed that for in financial services, the gravitational pull of New York still exists, but is far weaker. He says he is about as effective operating his business over Slack and Zoom, and plans on flying to New York for monthly client meetings. His company, founded in 2018, helps star Wall Street analysts leave big banks to form independent research shops. "I'm just not sure it's a requirement to be in the city anymore," Hefner said. "That doesn't mean that I don't love the city, I do. It's an amazing place, but as far as a family of five, I'm not sure if it's the right place for us at this time." Even within his 19 person start up, brenan has company, Caroline Goodson, his director of corporate access and sales, left Manhattan after a homeless encampment popped up outside her apartment building. She also moved to dallas. High earners leaving new york.
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