Partly driven the pandemic, financial firms are migrating to Miami, according to The Wall Street Journal.

The article cited several examples:

  • Private-equity giant Blackstone Group Inc. unveiled plans in October to open an office in the city to serve its internal technology needs that will eventually employ 215 people. 
  • Billionaire financier Carl Icahn moved his company to nearby Sunny Isles Beach earlier in 2020. 
  • Real-estate investor Starwood Capital Group is building a sleek new 144,000-square-foot headquarters in Miami Beach.
  • Goldman Sachs Group Inc. is eyeing the region as a possible home for its asset-management arm, according to people familiar with the matter.  

“Various factors are at play beyond beaches and subtropical weather,” the article said. “Florida has no personal income tax and low corporate taxes. The 2017 federal tax law capping deductions for state and local taxes enhanced Florida’s appeal for wealthy residents of high-tax states. And the coronavirus pandemic made clear for many people that they could work remotely from anywhere.”