While its New York office will remain open, Elliott is also setting up a new office in Greenwich, Conn., the wealthy enclave northeast of the city. The new offices in Florida and Connecticut are expected to open before next July, the earliest date its employees could return to the office, the person said.
“It’s certainly not a positive signal,” said E.J. McMahon, an adjunct fellow at the Manhattan Institute, a conservative think tank that Mr. Singer has chaired since 2008. Mr. McMahon described the city’s tax base as “enormous but also fragile.”
For wealthy taxpayers, moving to Florida can provide a significant windfall.
Unlike New York State, Florida has no individual income tax, estate tax or capital gains tax, which the state has promoted in a concerted effort to recruit financial firms from New York.
Still, Ben Friedland, a New York real estate broker who specializes in hedge funds and