I grew up in New York City, and it is an exciting place to live, however costly too. Also, if you ever rode the subways during rush hours, people can begin to get on your nerves. Those are the times I needed a break, and head over to Central Park or Greenwich Village. Even then, I remember, every year got to be a little more expensive than the last. It seems to me, regardless how much were taken for taxes, the services got worst and the rent went up, even in a rent control building.. Below is an article from the New York Post. Althought they talk about Palm Beach Florida, the great Thomas Edison said once:
"there is only one Fort Myers and 90 million people are going to find out about it!â€
He not only built a home and laboratory here, but also enticed his friend Henry Ford to settle next door.
If you are interested in Fort Myers, Lee County, Southwest Florida, the opposite side of Palm Beach, then visit my Web blog : Realtor Ron W Blog and see the many videos, live cams, and look over the articles about an area that is continually growing.
If you interested or curious about properties, then
The cityâ€™s hedge-fund executives are flying south â€” and itâ€™s not for vacation.
An increasing number of financial firms, especially private equity and hedge funds, are fed up with New Yorkâ€™s sky-high city and state tax rates and are relocating to the business-friendly climate in Floridaâ€™s Palm Beach County.
And theyâ€™re being welcomed with open arms â€” officials in Palm Beach recently opened an entire office dedicated to luring finance hot shots down south.
â€œFlorida is a state of choice,â€ said Thalius Hecksher, global development chief for Apex Fund Services, who moved many of his operations to Palm Beach. â€œItâ€™s organically grown. Thereâ€™s no need to drag people down here. Itâ€™s a zero-income-tax jurisdiction.â€
â€œAnd the lifestyle!â€ Hecksher added.
Federal tax rates are the same in Florida and New York.
But thereâ€™s no state income tax in the Sunshine State. Compare that to New York, where the state and local governments took $14.71 of every $100 earned in 2010, according to state records.
The only state with a higher rate is Alaska.
And Florida residents lost 3.31 percent of their income in total taxes, versus New Yorkers, who pay just over 5 percent, according to the National Tax Foundationâ€™s latest report, which used 2009 Census figures.
Thatâ€™s a substantial difference in bottom line for those who stand to make millions of dollars a year in income.
Also, commercial property values are much cheaper in Florida, and New York City will likely become even less friendly to businesses when Mayor Bloomberg leaves office next year, hedge-fund executives said.
â€œYou weigh all of the benefits for being here to those in New York, and they outweigh them every time,â€ said Evan Rapoport, CEO of HedgeCo.net, which is expanding its presence in Palm Beach County.
â€œThis fiscal-cliff issue, with tax rates continuing to go up. Weâ€™re seeing where weâ€™re going with taxes,â€ he said.
â€œIn our industry, the people weâ€™re talking about are $1 million-a-year earners. So when youâ€™re talking about tax rates, itâ€™s more meaningful.â€
â€œThen,â€ he said, echoing Hecksher, â€œthereâ€™s the lifestyle issue.â€
The demand is so high that officials in Palm Beach County have set up an entire office to answer questions from city hedge-funders looking to relocate.
â€œWeâ€™re not doing a multimillion-dollar marketing campaign. We donâ€™t need to,â€ said Kelly Smallridge, who heads the Palm Beach County Business Development Board, which set up the special unit to handle inquiries and marketing.
â€œTheyâ€™re coming to us.â€
Without warning, Smallridge said, her organization only recently started getting inundated with hedge-funders.
â€œThe door was open because of the high-tax environmentâ€ in the New York area, Smallridge said.
â€œSmaller companies were moving completely out. Larger ones, looking for expansion opportunities, wanted to expand here,â€ she said while touting her groupâ€™s â€œfree and confidentialâ€ consulting services.
The firms can easily pick up and move out of the New York region because technology allows them to do their work anywhere, she said.
Thatâ€™s exactly what Hecksher â€” whose company services hedge funds around the world â€” did when he was looking to expand the firmâ€™s US presence.
New Jersey-based Apex, he said, could easily have chosen Manhattan or Greenwich, Conn. â€” but instead, the company followed the industry to the tax-friendly Sunshine State.