Wall Street Jobs Out; Impoverished Migrants In: New York's Death Wish

The news broke this week that 158 major Wall Street firms have abandoned the high taxes and high crime of New York for Florida and other, more pro-business states over the past four years. Those firms held nearly $1 Trillion in managed assets, and provided tens of thousands of high-paying professional jobs.

Wall Street still accounts for 16% of all the economic activity in New York City - and 7.3% of all economic activity statewide. But those numbers are falling fast, as finance and banking move south.

Replacing those tens of thousands of educated professionals is a vast army of newly-arrived uneducated illegal migrants from across the globe.

Last week, a 1,000 bed "migrant mega tent city" for unattached migrant men opened in the parking lots of Creedmore Psychiatric Center in eastern Queens - just one mile from New Hyde Park, Great Neck and Manhasset Hills.

This week, New York Governor Kathy Hochul (D-Buffalo) announced that 2,500 illegal migrants will be housed at the derelict Floyd Bennett Field in southern Brooklyn.

There are now over 100,000 migrants in NYC, and Hochul is looking at SUNY Old Westbury and the closed Kings Park Psychiatric Center to house thousands more.

Despite the flight of all those Wall Street firms - destroying hundreds of thousands of good jobs - Hochul insists that New York has a "housing crisis" and demands that suburban communities get ready to provide housing for 2 million low income - or no income - people.

The Hochul-Biden plan seems to be to replace skilled productive US citizens, with unproductive and unskilled migrants.

Of course, none of this is sustainable - and will ultimately lead to a housing collapse. When high earners - who sustain the property values on Long Island - leave, and are replaced by foreign people who legally can't work, and have no money - property values will come down.

Perhaps that is Hochul's secret plan to make Long Island housing "more affordable."

Destroy the equity that Long Island homeowners have in their homes. Then force people to rent their basements and attics to migrants - just to be able to afford to live.

That's not a recipe for "affordable housing," it's an economic death wish.