'The problem with moving to Florida is you have to live in Florida!' Wall Street titans who moved to Miami during lockdown are eyeing a return to NYC because it has 'the best schools, theaters and restaurants'
Wall Street titans who moved to Miami amid New York City's coronavirus lockdown are already eyeing a return to the Big Apple, according to a new report.
Late last year, Florida was touted as the future hub of American finance as a slew of billion-dollar businesses opened up offices in the Sunshine State.
The uber-wealthy were lured to Florida by better weather, lower taxes and fewer restrictions imposed on residents amid the COVID-19 pandemic.
But Bloomberg claims that a number of billionaires are now having second thoughts about life in Miami because the cultural and educational opportunities just don't compare to those in the Big Apple.
'The main problem with moving to Florida is that you have to live in Florida,' Jason Mudrick, who oversees $3 billion at Mudrick Capital Management in NYC, told the publication.
While Mudrick has not made the move down south, many of his wealthy friends have done so and they are already starting to trickle back north.
'New York has the smartest, most driven people, the best culture, the best restaurants and the best theaters,' he stated.
'Anyone moving to Florida to save a little money loses out on all of that.'
Wall Street titans who moved to Miami amid New York City's coronavirus lockdown are now reportedly eyeing a return to the Big Apple
An anonymous hedge fund founder who moved to Miami six months ago also spoke to Bloomberg and echoed similar sentiments.
The wealthy Wall Street investor says he will likely return to the Big Apple in the near future because Florida does not have the 'dynamism' that New York does.
He also claimed that the affluent private schools in Miami simply don't compare to those in Manhattan.
Meanwhile, the publication claims that hedge fund founder Dan Sundheim is soon set to return to NYC, swapping Palm Beach for the Park Avenue apartment he left not too long ago.
Businessman David Teppar - who boasts a net worth of $14.5 billion - relocated to Palm Beach prior to the pandemic. However, he has already returned to his home in New Jersey.
Last year, native New Yorker Paul Singer announced he was moving his $41 billion hedge fund firm from Manhattan to Miami. citing coronavirus as the reason behind the move.
But Bloomberg reports that Singer is staying put in the northeast and is not moving to Miami himself.
Jason Mudrick, who oversees $3 billion at Mudrick Capital Management in NYC, told Bloomberg that many of his friends now want to move back to the Big Apple
According to data obtained by Bloomberg, Miami was not even the number one spot for fleeing New Yorkers to relocate to amid the pandemic.
Jersey City, Los Angeles, Philadelphia and Chicago were more popular relocation destinations.
The US Postal Service recorded that just over 3,000 Manhattanites moved to South Florida last year - accounting for just nine percent of all people who left the NYC borough.
But despite that fact, there are still a slew of big business setting up shop in the Sunshine State.
Carl Icahn, the founder of Icahn Enterprises, relocated his firm from Manhattan to Sunny Isles Beach, in Miami-Dade County, in 2020.
Last October, Blackstone - an NYC-based private equity alternative investment management firm with assets of $34 billion - announced it was going to open an office in Miami.
Jamie Dimon - the CEO of JP Morgan Chase - also claimed he was open to moving the $2.6 trillion company's headquarters down south to Miami.
Bloomberg says Dan Sundheim is soon set to return to NYC. He will swap Palm Beach for the Park Avenue apartment he left not too long ago
Businessman David Teppar - who boasts a net worth of $14.5 billion - relocated to Palm Beach prior to the pandemic. However, he has already returned to his home in New Jersey
Paul Singer announced he was moving his $41 billion hedge fund firm from Manhattan to Miami. citing coronavirus as the reason behind the move. But Bloomberg reports that Singer is staying put in the northeast and is not moving to Miami himself
Miami Mayor Francis X. Suarez has made public appeals for more businesses to make the move.
'We're one of the safest big cities in America and we have the second lowest tax rate in about 60 years,' he told Fox Business last December.
'We have an incredible city that's moving and growing almost by double digits on average within three years that I've been mayor.'
However, his appeals may fall on deaf ears as New York City starts to reopen.
Mudrick says the Big Apple could experience a boom like never before once the pandemic ends.
'It will be like the Roaring Twenties - you'll see a resurgence here like never before,' he told Bloomberg.
'You want to be buying New York and selling Florida - that's the contrarian in me.'
Miami Mayor Francis X. Suarez has made public appeals for more businesses to make the move south
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