Massive Asset Exodus: New York and California Lose Trillions as Financial Firms Relocate to Wall Street South

The departure of Wall Street banks and big tech firms from California and New York has resulted in each state losing nearly $1 trillion in managed assets, as well as thousands of high-paying jobs and tax revenue. The exodus has also impacted commercial property markets, which are struggling to find new tenants amidst the rise of remote work. The migration is driven by factors such as lower taxes and warmer weather, with Florida and Texas being the top destinations for companies leaving New York and California, respectively. Additionally, a growing number of Americans are also relocating to these states, according to Bank of America data.