Will Miami Be the Next New York City?

Miami Welcomes New York Companies

There are many reasons to love Miami. From its beaches to its vibrant lifestyle, Miami has always been one of the best places to live in the United States. Since last year, there has been an increasing number of New Yorkers moving to Miami. From Wall Street executives to bankers, these professionals are now picking Miami’s sun over the concrete jungle that is New York. So, does this mean that Miami is looking to be the next New York City?

Why New Yorkers Are Going to Miami

Miami offers a New York vibe with a Florida twist.

Southern Florida is one of the most idyllic locations in the state and most New Yorkers have their family and friends in Miami, which makes it easier to adjust to the new life there if they choose to move permanently. The city also has an almost similar restaurant scene to New York and that’s a huge plus for New Yorkers who are used to eating good food and dining in Michelin-starred restaurants.

New Yorkers can now work remotely.

The COVID-19 pandemic has taught the corporate world that it’s actually possible to work remotely and still be as efficient as working in an office. There was a time when working in New York was the ultimate dream. But today, most New Yorkers already work from home, especially since the city has one of the highest numbers of COVID-19 cases in the country. This made professionals realize that if they can work remotely, they might as well do it somewhere sunny.

A lot of companies are moving to Miami. 

If tech companies are leaving Silicon Valley for Texas, at least 30 major financial firms in New York are planning to relocate to Miami. Citadel, Elliot Management, and Moelis are just some of the big names that are planning to open satellite offices in Florida or allow employees to work from there. Miami has a lower cost of living than New York but it offers almost the same lifestyle. Even the Goldman Sachs Group is said to be thinking about shifting some of its asset management staff to Miami.

Miami is growing.

Miami Mayor Francis Suarez accidentally launched a huge Twitter campaign to make the city the newest tech hub in the nation. It all happened with a suggestion to bring Silicon Valley to the Sunshine State, to which the Mayor responded with “How can I help?” This tweet went viral and before you know it, the mayor is already having lunch with tech billionaires and celebrities. But more than the hype, Miami is actually a city that’s continuously growing and evolving without losing its very core, so now is the best time to start a business in South Florida.

You can never take away the greatness that New York has turned out to be, but some New Yorkers are also looking to step away from this lifestyle and go somewhere that offers almost the same environment but in a completely different setting.So, will Miami be the next New York City? Only time will tell.

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