Chief Financial Officer Jimmy Patronis on Thursday urged the New York Stock Exchange (NYSE) to relocate to Florida, marking the CFO’s latest in a series of ambitious invitations.
The letter, addressed to NYSE President Stacey Cunningham, comes as New York’s Legislature contemplates a transfer tax on the sale of securities.
The move, Patronis contends, would have severe consequences.
“Clearly, the politicians in Albany no longer appreciate the economic powerhouse that is The Exchange,” Patronis wrote. “Their disregard extends beyond your corporate boardroom, as the transfer tax would negatively affect millions of individuals vested in college savings and retirement funds. As a fourth-generation Floridian and a former small business owner, I’m writing to encourage you to consider moving the New York Stock Exchange to the great state of Florida.”
Transfer tax or not, Patronis noted that New York professionals are already flocking to the Sunshine State.
He highlighted Florida’s lower taxes, fiscal health and low crime rate.
What’s more, Florida shares the same time zone with New York, a factor that would “ease the transition for the rest of the financial world,” Patronis wrote.
Patronis encouraged Cunningham to consider the move.
“My door is always open, and given the restaurant closures in New York, I would be more than happy to take you out to eat at one of our fine restaurants to discuss the many reasons to move The Exchange to Florida,” Patronis wrote.
The invitation is Patronis’ latest long-shot attempt to draw business into Florida.
In January, Patronis sent a letter to the International Olympic Committee encouraging the group to relocate the 2021 Olympics to Florida.
The unsuccessful invitation came as Japanese leaders reportedly expressed doubts about hosting the games amid the pandemic.
Musk relocated to Texas after voicing frustrations about California’s COVID-19 lockdowns and high taxes.
Patronis serves on the Board of Enterprise Florida, whose responsibility includes attracting business to the state.