Through the Freedom Land and most of the world, local governments finally begin to allow businesses to open and employees return to the office.
Offices in New York opened this morning for the first time in a few months after Mayor Bill de Blasio’s political bureau finally approved the policy.
The Republic of PrEA, formerly known as Seattle, was approved for the “opening of the second phase” on Friday by both state health authorities and local warlords.
In the past few weeks, other major cities and anarcho-communist enclaves around the world have slowly opened up. And while one key trend is obvious:
Many people do not appear.
For example, New York’s major banks on Wall Street still keep most people at home.
Goldman Sachs expects only 10% of its workforce in the office, and they are all “volunteers.” Morgan Stanley has less than 10% of the workforce nationwide.
Citigroup expects 5% of its workforce to return to the office within the next few weeks, and JP Morgan does not require anyone to return to work right now.
Companies in various other industries have taken a similar approach.
Microsoft, Disney, Twitter, Mastercard, Facebook, Nationwide Insurance, Google, Amazon, Square, CNN, Slack, Sales Force, PayPal, Shopify, and Apple are among many others who told employees that they can continue to work from home.
And many of these changes are permanent; For example, Facebook’s Mark Zuckerberg said that potentially half of his company’s workforce could end up working remotely forever.
Twitter and Square told employees that they can work from home “indefinitely.” Nationwide Insurance has announced a continuing transition to work from home.
CEO of banking giant Barclays has called “a thing of the past” crowded offices with thousands of workers. Morgan Stanley CEO expects his bank will need “much less real estate” in the future. Disney’s chairman said his company would open “with fewer office space.”
This is a fairly obvious trend – there will still be many people working from home.
And if you can work from home, you can work anywhere within reason.
We talked about this briefly last week – I told you that I expect mass migration from expensive, expensive urban cities to lower taxes, cheaper suburban and rural areas.
And the reasons are obvious.
Over the past three months, many have become confused in apartments the size of a shoe box with a bang. And now they finally understand – “if I no longer need to go to the office, I no longer need to be in this city …”
Plus they think wisely about the future.
Of course, perhaps medical researchers are finding a miraculous drug for the treatment of Covid-19. Or they are developing a vaccine that Bill Gates will personally administer to each of us at gunpoint.
But what happens if the Covid-20 gets in? Or is antibiotic-resistant superbug released to the world?
Or do people simply decide that they don’t want to raise their children where arson, vandalism and robbery are considered acts of heroism?
This is not a passing trend. This is a lifestyle.
It is unlikely that cities will become ghost towns … but people who understand what is happening are really starting to think about new places to live.
Arithmetic is pretty simple. Someone can exchange a hamster’s cage for $ 5,000 a month in Manhattan for a house with an area of more than 4000 square meters. ,
This logic makes five places very interesting for future migrants.
Texas, Florida, Nevada and Tennessee four states with warm weather, plenty of open spaces, cheap living expenses, access to city amenities and no state income tax.
We’ll talk more about this in future letters, because there’s a lot to digest – from the decline of office real estate (WeWork has already begun to skip some rental payments) to the ridiculously low mortgage rates available to investors.
But before we get into that, it’s worth mentioning fifth place – and it’s right here in Puerto Rico.
Recently, there has been a surge in potential residents who have come here over the past few weeks, inspecting real estate.
I live in a rather prestigious, luxurious resort, and most of the residents are investors and entrepreneurs. For example, one of my neighbors is a well-known hedge fund manager, the other is a recognized technology entrepreneur, and the other is a former activist who built a very successful sports business.
I am pretty close with the leaders in my development, and they told me that from the mainland (mainly from New York) there are a stream of people trying to leave Manhattan as quickly as possible.
And they look very closely at Puerto Rico.
This is due to the fact that in addition to the excellent weather and time zone (Puerto Rico is currently in the same time zone as New York), tax credits are unparalleled.
New Yorkers who move to Florida no longer have to pay city or state income taxes. And it can easily save 10%.
But, as we have repeatedly discussed in the past, bona fide Puerto Rico residents who meet certain conditions are also exempt from U.S. federal income tax.
Puerto Rico tax credits can reduce your business income tax by 4%, as well as an individual tax to zero … plus you can live on the beach and never freeze again.
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