The Peebles Corporation founder, chairman, and CEO told FOX Business on Friday that states in the “Sun Belt” where growth is “happening” includes Austin, Texas, Dallas, Texas, Nashville, Tenn., Memphis Tenn., and Nevada which is “ripe for recovery in terms of attracting businesses and industry from California.”
“South Florida is the No. 1 place where New York entrepreneurs and New Yorkers with means are going to and, also, we are seeing more of the working-class New Yorkers heading south to South Florida because there are jobs that are available and the lower cost of living and better quality of life,” Peebles told Maria Bartiromo on “Mornings with Maria.”
New York was the state that saw the largest outflow of residents during the coronavirus pandemic, according to data from United Van Lines, the nation’s largest household goods mover. At the end of August, outbound move requests from the Big Apple were 52% above the national average.
Comparably, San Francisco saw 128% more people move out than the national average at the start of September.
“Both of these cities [New York and San Francisco] have more portable industries: technology and banking for San Francisco and then the financial services for New York City,” Peebles said. “So, you’re just seeing more entrepreneurs pursuing other locations for quality of life and lower costs of doing business.”
Meanwhile, Paul Singer is the latest Wall Street big wig to reportedly relocate his $41 billion hedge fund from New York City to Florida.
Peebles believes “Democratic-socialistic leadership” and “the tremendous turn to the left” are to blame.
FOX Business' Brittany De Lea contributed to this report.