NEW YORK, NY – NYGOP Chair Ed Cox released a statement today following the release of two significant reports earlier this week. A comprehensive study by Bloomberg News revealed that New York has lost nearly $1 trillion in assets under management to states with more business-friendly climates. Additionally, a Siena Poll showed that Governor Kathy Hochul’s favorability rating has dropped to a low of 40%.
According to data compiled by Bloomberg from 17,000 companies, 158 financial firms have moved their headquarters out of New York since the end of 2019. These firms took nearly $1 trillion in assets under management and thousands of high-paying jobs with them. The data suggests that concerns over crime, high taxes, and the rising cost of living have led these companies to relocate.
In his statement, Cox criticized the Democratic governance in Albany and New York City, stating, “Under one-party Democrat rule in Albany and in the Big Apple, New York is a state in decline. Their tax hikes and burdensome regulations drive businesses away, taking with them high-paying jobs and tax revenues.”
He further pointed to the Democrats’ “failure to address our declining economy, mismanagement of their immigration crisis, failed crime policies, and disastrous cannabis licensing rollout” as factors contributing to Governor Hochul’s low favorability rating.