NYC’s mass exodus to Florida, Texas driven by economic incentives: Ex-NYSE CEO
'[Texas and Florida] demonstrated to companies that they want their business... and they'll do everything they can to incentivize their relocations'
Former New York Stock Exchange Chairman Dick Grasso told "Mornings with Maria" the mass exodus from New York City to Florida and Texas is due to financial incentives amid the coronavirus pandemic.
"It's heartbreaking to see what's happened to New York City in particular," Grasso, who resides in Florida, told host Maria Bartiromo.
STOCKS RALLY AHEAD OF BIDEN CORONAVIRUS STIMULUS PLAN
"Business is driven by economic incentives, and whether it's Florida or Texas, these two states certainly have demonstrated to companies that they want their business... and they'll do everything they can to incentivize their relocations," Grasso added.
He praised Gov. Ron DeSantis for "balancing a safe reopening with the need of the people to be protected" compared to New York's lockdowns.
New Jersey and New York were the top two states that saw the largest outflow of residents during 2020, according to data from United Van Lines, the nation’s largest household goods mover.
GET FOX BUSINESS ON THE GO BY CLICKING HERE
Grasso, a lifelong New Yorker, said he moved out of the state two years ago.
"I look at the people who are suffering and I say, 'You gotta help them government,' and this government in New York City and New York state has not helped them," Grasso concluded.
CLICK HERE TO READ MORE STORIES ON FOX BUSINESS
The other factor causing New Yorkers to flee is safety, Grasso added, urging New York City's next mayor after Bill de Blasio to support the police.