Mar 7, 2024
New York and Florida each stand out for their distinct attractions. The former is the epitome of urban vibrancy, home to an iconic metropolis that never sleeps — New York City. The latter is celebrated for its sun-kissed beaches and rich cultural tapestry, offering a relaxed yet spirited atmosphere unique to the Sunshine State.
However, according to Jimmy Patronis, the chief financial officer of the state of Florida, his home state clearly triumphs in terms of business environment.
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In fact, Patronis is so convinced of Florida's superiority over New York that he recently penned a letter to New York business owners, advocating for their relocation to the Sunshine State.
In his letter, Patronis praised how Gov. Ron DeSantis has created a strong environment for businesses, highlighting the state’s fiscal health, limited corporate taxes and the absence of a personal income tax.
“When compared to New York, it’s night and day. The 2024 budget for the state of New York is approximately $229 billion with a population of 19 million, while Florida’s budget is half the size with a greater population,” he wrote.
“I never understood why any business would choose to stay in the state of New York.”
Safety first
A primary argument Patronis makes for relocating to Florida concerns safety. He urged New York business owners to consider their prospects of success in a state that, in his view, “shakes down job creators while letting criminals run free in the streets.”
This point was reiterated during his recent appearance on “Fox & Friends First.”
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“Safety is the number-one attraction of why people come to the state of Florida,” Patronis remarked. “Your poor police officers are good men and women, but they're afraid to arrest somebody or they just won't, simply because your D.A. will not prosecute them.”
While Governor DeSantis has touted a 50-year low crime rate in Florida, this statistic has seen its share of scrutiny.
Time Magazine asserted that DeSantis was basing his claims about Florida’s crime rates on the Florida Department of Law Enforcement’s 2021 annual crime report, which the outlet considered to be “methodologically flawed,” citing inconsistencies in data reporting and collection.
The New York Times reported that Florida’s homicide rate “was roughly 50% higher than New York’s in 2021” and that Jacksonville and Miami “each had a homicide rate more than double New York City’s.”
Nevertheless, Census Bureau’s state-to-state migration flow data revealed that many New Yorkers didn’t mind heading south: in 2022, 91,201 people moved from New York to Florida.
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Risky business?
Patronis also weighed in on the fraud case against former U.S. President Donald Trump.
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In a pivotal ruling by a New York judge, Trump and his company have been found guilty of fraudulently inflating the value of their assets, misleading banks and insurers. Trump has been ordered to pay nearly $355 million in fines.
Patronis interpreted the case's outcome as indicative of a hostile business environment.
“You've got an out of control Attorney General who has made it clear to what she has done to Donald Trump that she's willing to seize your assets if you don't play by our rules,” Patronis told Fox Business, referring to New York Attorney General Letitia James, who filed the lawsuit against Trump.
Patronis argued that conducting business in New York has become "risky," cautioning that investing in the Empire State now means "taking a chance" on not adhering to the "rules of the overlords."
When asked about the incentives Florida offers businesses considering relocation, Patronis responded, “We have got incentives through our Department of Commerce that we will be more than happy to sit down, but I'm happy to be your Realtor — you can reach out to me directly on X and I will show you what's so wonderful about doing business with the state of Florida.”
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Jing is an investment reporter for MoneyWise. He is an avid advocate of investing for passive income. Despite the ups and downs he’s been through with the markets, Jing believes that you can generate a steadily increasing income stream by investing in high quality companies.
