The Empire State is losing its grip as the nation’s financial services capital.
New York’s financial services industry – a great contributor to the state’s gross domestic product – has been imperiled by the plummeting population of high-income residents, who are fleeing amid towering taxes and rising housing costs, according to a sobering new study.
“As other states attract talent and investment in the sector, there is no guarantee of future success,” said the report from the Business Council of New York State.
“Addressing the states tax burden, business climate, and cost of living can help to ensure New Yorks position as a national and global leader for finance.”
Over the last three years, the top four states landing new high-paid financial services and insurance jobs over the last three years were Texas, Florida, North Carolina and Georgia, the analysis conducted by the Business Council found.
New York ranked 36th in terms of percentage growth — at a rate of a puny two-tenths of 1%.
“North Carolina and Florida have rapidly added jobs in the finance and insurance sector while New Yorks employment has remained below national growth trends,” the report said.
Each finance sector employee generates nearly an additional three jobs in other sectors — so any loss of employment ripples through the entire economy, the study noted.
“This report should serve as a call to action for leaders across New York to forcefully address the competitiveness issues that threaten one of its most valuable and critical economic forces, the finance industry,” the study said.
The average compensation package in New York’s financial services industry is a nation-high $309,000 per year — $275,800 in salary plus $34,000 in other benefits.
The figures showed continuing trends of population decline in New York – with a 2.7% decrease from 2019 to 2022 — marking the worst loss among the 50 states during the COVID-19 pandemic.
Most of the population loss was in New York City and its suburbs, home of most of the state’s wealthiest residents.
A review of net migration of residents showed that the largest flight of gross income was from Manhattan at nearly $11 billion.
“The data confirms the flight of the wealthiest from the New York City area,” the business group’s review found.
In 2021 alone, the Empire State saw a net decline of $9.8 billion in income that migrated to Florida, according to the report.
It’s not a coincidence, the study said, noting that the Tax Foundation think tank rates New York as having the highest combined state and local tax rate on residents, and the Sunshine State the lowest.
“This single competitive factor [taxes] is likely playing an influential role in the migration of high-net-worth individuals as they have the most to gain by leaving a high-income tax state for a low, or zero, income tax state,” the study said.
It also pointed out that New York is also one of a small collection of states that levies a tax on estates, derisively referred to as the “death tax.”
“High-wealth individuals are likely factoring this tax into their location decisions,” the report said.
“Forceful action is necessary,” the analysis concludes. “The state will need to address the tax burden, business climate, and cost of living issues that hurt the states competitiveness.
“If the state does not address these issues, it risks losing its dominance in the finance and insurance industry, and ultimately, jeopardizes the health and prosperity of New Yorks economy.”
The former Labour MP, who now represents Coventry South as an independent, admitted she had launched the membership portal without her co-leader’s sign-off, but claimed she did so because she had been “sidelined” by a “sexist boys club”.
Her actions led to Mr Corbyn issuing his own statement, in which he urged members of the party – which has been given the interim name of Your Party – to ignore an “unauthorised” email urging them to become paid members and that legal advice was being taken.
In a fresh statement issued on Sunday evening, Ms Sultana acknowledged her supporters had been left feeling “demoralised” by the saga.
“For the sake of the party, and as an act of good faith, I will not be pursuing legal proceedings despite the baseless and unsubstantiated allegations against me,” she said.
“I know many people are feeling demoralised – I share that feeling. We find ourselves in a regrettable situation, but my motivation has always been to ensure the collective strength of our movement, put members first and build the genuinely democratic conference and socialist party we so urgently need.”
She added: “I am determined to reconcile and move forward. I am engaged in ongoing discussions with Jeremy, for whom, like all socialists of my generation, I have nothing but respect.”
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1:45
What is happening at Your Party?
Despite her current attempts to repair the row, Your Party reported itself to the Information Commissioner’s Office last week after the “false membership” system was “unilaterally launched” by Ms Sultana – which it said was its duty under the law.
Questions remain over the handling of the data, which, as outlined in Your Party’s privacy notice, is owned by the Peace and Justice Project, spearheaded by the former Labour leader and independent activist Pamela Fitzpatrick, who are listed as the directors on Companies House.
The Coventry MP said in a statement after the row broke out that “at no point was members’ data misused or put at risk” and that the portal was “properly launched in accordance with the party’s roadmap”.
The ICO watchdog, which upholds information rights in the public interest, can issue fines up to £17.5m or 4% of global turnover, or pass fraud and negligence cases to police.
A spokesperson for the ICO told Sky News on Friday: “We can confirm we have received a report and are assessing the information provided.”
For many homeowners, the conversation about adding rooftop solar panels starts with cutting utility bills — but there are plenty of other reasons to make the switch. One of them is that adding a home solar system could actually increase your home’s resale value … but is that true?
The short answer is: yes (kinda).
In theory, the more features a house has, the more it costs. A pool, a bigger garage, or a finished basement — all those upgrades add value to a home when it’s compared to a home without them. By that logic, then, rooftop solar panels should make a house more desirable, too. And they often do. But, as with most things, the reality is a bit more complicated.
One of the biggest complications when it comes to selling a home with solar panels comes down to who owns the solar panels. If you’ve leased your solar setup through a company like Sunrun, for example, the solar company that sold you the panels still owns the panels, not you. That could mean that any potential buyers would have to assume the lease themselves, or that the seller has to buy out the lease before selling.
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Leasing reduces a homeowner’s up-front and monthly costs, making it a popular choice – but the process of transferring a lease can complicate a sale, slow down negotiations, or even limit the pool of potential buyers. That’s especially true in areas where rooftop solar panels aren’t common, or have been heavily politicized.
By contrast, many homeowners choose to finance their solar system through a “conventional” loan or a home equity line of credit (HELOC). In these cases, you own your panels from day one, even if you’re still paying them off over time. And, because ownership is clear in those cases, the solar panels can more easily be considered part of the home, like kitchen appliances or a washer/dryer set.
While this avenue might have a higher up-front or monthly cost for the seller, there’s no lease to assume and no third-party approval or contracts required to complete the sale.
Financing also offers flexibility in structuring payments, with some homeowners choosing short-term loans to pay off the system quickly and others use longer-term HELOCs to spread costs out over a longer timeline. In either case, ownership ensures that the value of your solar installation can be transferred seamlessly to the next buyer. Plus, a savvy realtor can even highlight a fully-owned solar array in the listing as a long-term cost saver rather than a leased add-on.
That’s not to say that leasing, financing, or even paying cash is the best way to go for everyone (after all, if inflation is higher than your interest rate, the best thing you can do is borrow today’s “good” money and pay it back with tomorrow’s “garbage” money at what is, effectively, a discount). Get several quotes from reputable installers and find out about what options they recommend, then work with a trusted financial expert to determine the best path for you.
From theory to practice
Installing solar panels; via Sunrun.
A realtor named Alisha Collins recently posted a video to TikTok where she walks us through the sale of a house and the role that the home’s $50,000 rooftop solar panel installation played in that sale. The sale was something that, while it might seem common enough to Electrek readers, was a first for Collins.
“This is a great benefit because the buyers are getting the solar panels to use in the future to save them money on their electricity, and they weren’t gonna have to buy them,” Alisha remarks. “So I focused on marketing what the positives of solar panels are — less utilities, lower utility bills if any, clean energy, and also, the buyers were getting an almost new system.”
Collins keeps calling the lease a “loan” throughout the video, but (in my opinion) makes some solid observations and is thinking about things the right way, keeping an open mind, and trying to do right by her clients. You can watch the video for yourself, below, then let us know what you think of Collins’ take in the comments.
@alishacollinsrealestate Just sold my first house with solar panels ☀️🏡 and honestly… I thought it was going to be way more challenging than it was. But the strategy the seller and I used made all the difference: ✅ We decided to pay off the solar panels at closing so the cost was basically built into the price — simple and clean. We got an offer after a price reduction and then… crossed our fingers for the appraisal 🤞 Because let’s be real — some appraisers value solar differently and that can make or break a deal. This one worked out — but solar definitely adds a layer to navigate. 💬 Have you ever bought or sold a house with solar? What was your experience? #alishacollins#realestatebestie#casperwyoming#solarhomes#homesellingtips#realestatetalk#appraisals#solarpanels#greenhome#realestatewin#listingstrategy♬ Soft Sunlight (Lofi) – Prodbyecho
If you’re considering going solar, it’s always a good idea to get quotes from a few installers. To make sure you find a trusted, reliable solar installer near you that offers competitive pricing, check out EnergySage, a free service that makes it easy for you to go solar. It has hundreds of pre-vetted solar installers competing for your business, ensuring you get high-quality solutions and save 20-30% compared to going it alone. Plus, it’s free to use, and you won’t get sales calls until you select an installer and share your phone number with them.
Your personalized solar quotes are easy to compare online and you’ll get access to unbiased Energy Advisors to help you every step of the way. Get started here.
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Police have appealed for help to identify an additional 18 people suspected of public order offences and assaults on emergency workers on the day of the Unite the Kingdom march.
Between 110,000 and 150,000 people attended the rally in central London on 13 September, the Metropolitan Police estimates.
Protesters heard a number of speeches, including from far-right activist Tommy Robinson, who organised the rally and called it the “biggest freedom of speech” event in British history.
Image: Pics: Met Police
An anti-racism counter-protest, attended by about 5,000 campaigners, also took place, with the two groups clashing on Whitehall and Trafalgar Square, separated by lines of police.
Police previously said 24 people were arrested at the protests, 23 of whom are believed to have been involved in the Unite the Kingdom rally, while one was believed to be involved in the counter-protest.
Officers now want to speak to a further 18 people “in connection with a range of public order offences and assaults on emergency workers” and have released 16 new images.
“Our post-event investigation continues and officers have looked through hundreds of hours of CCTV footage to review evidence to help with further inquiries,” said Detective Chief Inspector Natalie Norris.
“We have 28 people we want to speak to in connection with a range of offences – and we are again appealing for the public’s help to track them down.”
People may have travelled from outside London, so she said she was asking people “across the country” to look at a number of pictures that have been released and to get in touch if they recognise anyone.