Originally Posted by
Visconti
Because CA’s new consumer protection or whatever law passed in 2020 has conferred to the State such wide powers, I’ve decided to unwind our CA firm started in my one-bedroom apartment with 2 other guys (we were WS guys who were caught on the wrong side of the Lehman & Bears debacles), move to another State (one with ZERO income tax, of course), and start a Family Office.
We will close our downtown offices permanently and never return.
PS – Any good State recommendations?
I'm right behind you as I do not see any possibility of meaningful change anytime soon. Just an example of how difficult it is to even attempt a solution, our left-wing mayor decided enough-is-enough and attempted to implement policies to remove mentally ill homeless from the streets. A lawsuit was immediately filed and the plan was shot down by the courts.
As for alternative states it depends on your criteria. Homes on the Nevada side of Lake Tahoe cost as much or more than SF Bay Area, and it's not exactly a business hub. Colorado and Utah are relatively well managed, and neighboring Wyoming has no income tax and low corporate filing fees. Culturally I don't think Florida or Texas would be a good fit for Californians but a lot of businesses are relocating there. A fair number of my colleagues moved to Texas and not one has remained there post-retirement, so that tells you something.