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Why Wall Street Moved Out Of NYC

May 09, 2026 / 00:38

This episode discusses the impact of New York's wage tax introduced in 1969, the migration of finance professionals to Stamford and Greenwich, and the creation of new financial centers in Connecticut.

The conversation highlights how the wage tax influenced people to leave New York City for nearby towns. Stamford and Greenwich became attractive alternatives for finance workers seeking to avoid the tax.

Listeners learn about the historical context and the economic implications of these changes, with references to the I-95 corridor as a visual representation of this migration.

TLDR

New York's wage tax drove finance workers to Stamford and Greenwich, reshaping financial centers in Connecticut.

Episode

0:38

00:00:00

New York introduced the the wage tax back in 1969. Stamford, Connecticut, and Greenwich,

00:00:06

Connecticut, were country commuting towns. 10 years later, they were major financial centers.

00:00:13

And why is that? Because people who were doing finance wanted to avoid the wage tax. They moved out of the city and

00:00:20

stayed close to jobs by recreating a new financial center in Stamford and the Connecticut. So, when I teach this stuff

00:00:26

to my students, I say, "Just drive on I-95 and you'll see the implications of

00:00:31

the wage tax."

Episode Highlights

The Rise of Stamford and Greenwich
In the wake of New York's wage tax, Stamford and Greenwich transformed into financial hubs.
“People who were doing finance wanted to avoid the wage tax.”
@ 00m 13s
May 09, 2026

Episode Quotes

Just drive on I-95 and you'll see the implications of the wage tax.
Why Wall Street Moved Out Of NYC

Key Moments

Financial Centers Emergence00:10
Impact on Commuters00:13