New York state is experiencing a historic exodus of companies deciding to leave the territory historically known for its thriving businesses. According to New York Stock Exchange former President Dick Grasso, most of the companies are going to Texas and Florida, attracted by better economic and financial conditions.
In dialogue with the Fox News program, “Mornings with Maria,” Grasso gave his opinion on the exodus that the state of New York is suffering. He highlighted that companies historically operating in the territory are now preferring to move to states like Texas and Florida because of better economic and financial conditions from those state governments.
“It’s heartbreaking to see what’s happened to New York City in particular,” Grasso, who currently resides in Florida, told program host Maria Bartiromo.
Businesses are suffocating in New York. In recent years, their Democratic governor’s leftist policies led to increased public spending, often irrationally, always seeking to finance themselves through tax increases on businesses, which then translates into price increases and higher living costs, producing an endless vicious cycle.
Lockdowns cost New York economically
Added to this reality is the crisis produced by the CCP Virus pandemic, which produced a significant cooling of the economy in general terms, but above all in those Democratic states, such as New York, which deepened the crisis by imposing endless quarantines and illogical closures of businesses and general activities.
According to Grasso, Florida and Texas, far from implementing policies similar to those of the New York governor, are opening their doors. They’re presenting financial facilities and economic/legal conditions that are much more attractive, always to enrich the economy through their companies’ success.
“Economic incentives drive business, and whether it’s Florida or Texas, these two states certainly have demonstrated to companies that they want their business … and they’ll do everything they can to incentivize their relocations,” said Grasso.
New York citizen exodus and low birth rate
The New York exodus is not just about businesses, thousands and thousands of citizens have left the state in recent months for various reasons, and all have in some way something to do with the leftist policies implemented by the state government.
The U.S. Census Bureau’s latest data reports that New York state is being abandoned by its citizens more than any other state in the United States. The reasons are centered on insecurity in the streets, extreme social control, high taxes, and lack of jobs due to the economic crisis.
Over the last year, in addition to being the economic capital of the United States, New York has also become the national crime capital.
New York City crime rate drastic increase
Due to the constant riots caused by the George Floyd case and the political decision to defund the police, the crime rate has increased enormously. To name one example, the number of shootings in New York City increased by 72% compared to 2019, with gang clashes, attacks on security forces, looting, robberies, and murders.
The figures indicate that some 126,355 people left the state between July 2019 and July 2020, a total drop of 0.65% of the population. The trend began in 2016 but with a marked exponential curve over the last year.
The exodus was accompanied by a decrease in the birth rate, while mortality remained at average numbers. Therefore, New York also became the state with the largest population decrease in the country.
Lower population less representation in Washington
Not least, the population is directly related to the number of seats in Congress. At the close of each census once every 10 years, the 435 seats in the House are distributed among the 50 states according to the demographic changes.
If this trend continues, New York state could lose a seat, dropping to 26, according to an analysis by William Frey, a demographer at the Brookings Institution, as reported to The New York Times.