Firms Move from High Crime Chicago to Lower Crime Texas, Virginia, and Florida

(p. B4) The hedge fund Citadel and the trading firm Citadel Securities, both run by the billionaire Ken Griffin, are moving their offices to Miami after more than three decades in Chicago, according to a memo to employees that was obtained by The New York Times on Thursday [June 23, 2022].

The move follows elevated tensions between Mr. Griffin and Gov. J.B. Pritzker of Illinois, a Democrat, over taxes and the city’s crime rate. (Florida is one of the few states that don’t have a state income tax.) And it comes as the rise of remote work during the coronavirus pandemic has enabled companies to more freely move their offices in search of lower taxes, a more affordable work force or other potential perks. In recent months, Caterpillar said it was moving its office from Illinois to Texas, and Boeing has said it is moving from Illinois to Virginia. . . .

“The firms are having difficulty recruiting top talent from across the world to Chicago given the rising and senseless violence in the city,” said Zia Ahmed, a Citadel spokesman. “Talent wants to live in cities where they feel safe.”

According to the Chicago Police Department, there were 797 murders in 2021, up from 772 in 2020. Crime has been spiking in the city, though it is largely concentrated in a few areas.

While not a direct comparison, Miami Dade County reported 30 homicide offenses this year through May, down from 48 over the same period last year.

For the full story, see:

Lauren Hirsch. “Hedge Fund Cites Crime for Leaving Chicago.” The New York Times (Friday, June 24, 2022): B4.

(Note: ellipsis, and bracketed date, added.)

(Note: the online version of the story has the date June 23, 2022, and has the title “Citadel says it will move offices to Miami because of crime in Chicago.”)

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