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The new work-from-home formula has left CEOs with various options, and have no need to keep paying expensive rents in New York and California, they have decided to move away to states with no high tax rates. A state like Florida with nice weather, no state income tax, and a business-friendly mindset is enticing enough for many people to work in. with COVID, the plan to move to business-friendly environments has just been accelerated.

Goldman Sachs may move its asset management business from New York to Florida. Hewlett Packard Enterprise is moving to Texas. Tesla CEO Elon Musk has also announced he is moving to Texas as its facility moves to Austin.