alt Hacker NewsIf the ultra wealthy move out a few people will lose their jobs (their family office, some accountants, some property managers will work the same job for someone else). But overall people will not be worse off.
We have been doing this exact experiment in Seattle sine 2024 when Bozos moved out. And last month Howard Schultz moved out as well. The sky did not fall.
Another example- did the average Londoner get better off when Russian oligarch parked their money in London in early 2000s? And likewise - was the average Londoner worse off when that money was frozen in Jan 2022 when Ukrainian war started? Not really…
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London is a highly housing-constrained city, so the most important way of answering this question is, what affect did freezing Russian oligarch money in Jan 2022 have on the London housing market? If it made housing cheaper or otherwise more available, it was good for the average Londoner; and if it did the opposite it was bad. I have no idea which effect dominated or if it even made an appreciable difference compared to everything else that affects the London housing market.
The level of delusional wishful thinking here defies belief. Seattle and all other US "left" strongholds are decomposing and falling apart, with parts of these cities worse off than the third world. Instead of realizing that it's ineffective, incompetent and detached from reality politicians that have brought ruin and misery, you want to hand them even more money.
Brilliant.
Starbucks is moving its headquarters from Seattle to Tennessee.
Many other businesses that are not large enough to interest the newspaper are moving out as well.