NEW YORK, NY – According to a Business Insider (BI) report, the rise of remote working brought about by the ongoing COVID-19 pandemic, coupled with the steep cost of living and high taxes in major cities such as San Francisco and New York City, has given rise to a new movement where businesses are leaving in order to seek out cheaper alternatives.
States some businesses are seeing as viable alternatives include Texas, Florida and Ohio, all of which are known for having more affordable living costs and tax levels. In fact, according to a poll of 150 C-Suite executives cited by BI, a quarter of them are considering moving to cheaper regions of the country in order to help their bottom lines.
Since the onset of the pandemic, more and more Americans have been embracing remote work, and since the concept allows you to work wherever you see fit, people have been leaving cities en masse to less costly areas such as small towns and the suburbs. To date, approximately 16 million people have relocated from urban areas to other places of the country, with New York City considered the number one place to get away from in terms of high cost of living and taxes.
Goldman Sachs Group, in addition to many other major financial groups, are reportedly eyeing possible areas in Florida to relocate their businesses, and San Francisco’s Bar Area – and, indeed, many areas in California – have been relocating to neighboring states in search of more affordable lifestyles, including Nevada.
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Remote working has proven so successful that many companies, such as Twitter, have announced their intention to allow their employees to continue to do so even after the end of the pandemic, and a percentage of employees polled were hesitant at even the prospect of returning to work post-COVID-19. However, despite the fact that some other companies have noted that remote working is having a negative effect upon employee productivity, this exodus from expensive cities is no mere passing fad, but is here to say until cities do something to make themselves more business-friendly… in other words, cheaper to live and work in.