Jon Miltimore on news that Goldman Sachs is considering moving its HQ to Florida

On Sunday, news broke that the multinational financial services company Goldman Sachs, one of the largest companies in the US, is considering a plan to move its headquarters to the South. 

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Goldman’s announcement could not come at a worse time for New York City, which currently “has the most office space available since the aftermath of the Sept. 11 attack,” according to Bloomberg. Goldman Sachs has an estimated market value of $71 billion and employs more than 38,000 people worldwide.

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The reality is the coronavirus exacerbated New York’s economic plight, but it’s not the source of it. The city’s fundamental problem is an open hostility to markets and freedom. From policies such as universal pre-K and mandated paid sick leave to the city’s $15 minimum wage, rent-controlled housing, and oppressive tax climate, New York’s political class has shown a disdain for capitalism, private property, and business concerns, and a troubling affinity for central planning.

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A departure from Goldman Sachs would signal that New York City’s days as the financial capital of the world are over. In some ways, the only surprise is that it took so long.

~ Jon Miltimore, "Goldman Sachs Eyes Florida Exit as Financial Exodus from New York Continues," FEE.org, December 8, 2020