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Florida doesn't have that many highly paid workers. They've got a decent amount of rich retired or passive income folks. Aren't they trying to attract high ea
by onlyrealcuzzo 1y ago
Florida doesn't have that many highly paid workers.
They've got a decent amount of rich retired or passive income folks.
Aren't they trying to attract high earners from high tax places like NYC?
This sounds like a bad idea if you're trying to convince people from NYC to move to FL, which sounds like a bad idea for the businesses it's presumably trying to serve.
But what do I know?
- lokar 1y agoCitadel and other hedge funds have been moving people there (from NY and Chicago)
- bobbiechen 1y agoAnecdotally, I heard that at these firms, all the "interesting" work is moving to Florida office because of the longer non-compete period. New York and other offices still exist but the most promising proprietary stuff goes to Florida.
- JackFr 1y agoThey are moving to Florida because the personal income tax rate in Forida is 0% and in New York it's about 14%.
- const_cast 1y agoAs someone living in Texas, which also has no state income tax, it's not this simple. The tax burden is not actually lower, it's just more convoluted. Property taxes, aka wealth taxes, are much higher. These are passed along to consumers, meaning even if you don't have personal wealth you still pay a bit of it.
- red-iron-pine 1y agothere have been a few threads here comparing TX to CA and found that CA is still pretty competitive even having a beefy income tax.
- charliebwrites 1y ago> This sounds like a bad idea if you're trying to convince people from NYC to move to FL, which sounds like a bad idea for the businesses it's presumably trying to serve. Employees, yes. But the execs at these big firms would love to have more control over their best people so they have less leverage Employees unfortunately need employers to pay them, so they will take the deal they can get If your options all move to Florida, guess where you’re moving
- codeddesign 1y agoThis is limited to industry category and employee’s keep their current pay. How is this bad?
- ysofunny 1y agotheir current pay is getting increasingly worthless given inflationary trends
- stego-tech 1y agoSeriously? HN and the tech news sector have exhaustively covered the abuse and exploitation of noncompetes inside and outside of tech for the past decade. They protect employers at the expense of employees, consistently fail to provide reasonable compensation for lengthy agreements, and are regularly exploited by bad actors to harm current and former employees by making them accept lower wages and worse working conditions. Even fifteen minutes of casual reading through old threads here should answer this question for you. The only supporters of non-competes tend to be those who do not view employees as people, but as proprietary property. If your company information is so sensitive that losing a worker would leave you vulnerable, then the solution is to compensate that employee well enough that they don’t see the need to leave and take on that additional risk.
- jepj57 1y agoIf only people weren't forced to sign non-compete agreements... seriously, you don't like em, don't sign em.
- rs186 1y agoI hear that many financial services jobs are moving to cities like Tampa and Miami -- would like someone to confirm that.
- potato3732842 1y agoI work in the space and it's a steady trickle for sure.
- toomuchtodo 1y agoTampa and Dallas, lower wages and regulation (vs NYC and NJ traditionally).
- gist 1y ago> This sounds like a bad idea if you're trying to convince people from NYC to move to FL People will typically come to Florida (despite this) because it's Florida and a nicer place to work year round than NY etc.
- commandlinefan 1y agoAccording to the article, this kicks in at $140K. I imagine this impacts a LOT of Floridians these days.
- PenguinCoder 1y agoI doubt it. Not just reports on various online forums, but I have family in FL and they always, still are, complaining about low wages. FL is mostly hospitality and tourism. Not a whole lot of 140k + salaries to go around. Non anecdotal source - https://livingwage.mit.edu/counties/12057 https://livingwage.mit.edu/counties/12057
- hightrix 1y agoThere is a large medical technology presence in Florida. Many of these people are highly paid.
- const_cast 1y agoEconomically challenged Red states seem to have an almost self-destructive compulsion to pass legislation that puts them further in the hole. Say what you want about California, but they have an economy. Florida doesn't. Naturally, the legislative landscape of California has a lot to do with that. Usually everyday people have the hubris to acknowledge that emulation is a viable strategy when you're in the hole. Evidently, not Red state legislators.