A bevy of Wall Street executives, bankers and fund managers are abandoning New York for Florida, embracing the Sunshine State over metropolitan New York as the coronavirus pandemic has eliminated many benefits of working from a global financial hub.

Since legions of finance industry employees began working from home in March, Florida’s warm weather, low taxes, affordable space and quick, easy flights back to New York, when needed, have elevated its status.

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About 30 major financial firms are “kicking the tires” in South Florida, said Kelly Smallridge, who runs an economic development agency in Palm Beach County. A handful of them are serious about shifting staff there, she said.

Companies including Elliott Management, Citadel and Moelis & Co are among the latest to say they will open satellite offices there or allow their moneymakers to be based in Florida, executives have said.

Goldman Sachs Group Inc is also looking at moving some asset management staff there, people familiar with the matter said.

Read more at NEWSMAX.