Leaving the Pork Barrels Behind

When the President signed into law the new tax reform act at the end of 2017, the elimination of the state and local tax deduction set in motion what was likely to be an exodus from the high-tax states such as New York and California. Well, it’s happening. The front page of today’s Wall Street Journal reports that public officials in those states are alarmed that the high-income executives are “bolting” to low-to-no tax states. New York’s Governor Cuomo blamed the states $2.3 billion budget shortfall on the new federal tax which is driving people to leave the state.

The flip side of this story is that in Florida, where many are fleeing to, there is no state income tax and real estate is a bargain by comparison.

New York is not alone. New Jersey and Connecticut are bleeding revenues as their well-to-do executives say adios. Recently more than a half-dozen South Florida developers set up booths at the Lowell Hotel in Manhattan to pitch their projects to local brokers and wealthy individuals, and the booths were, not surprisingly, very crowded.

In my view we are only seeing the tip of the iceberg. As the baby boomers hang-up their careers, the exodus will become a torrent as they head south to Florida and west to Texas and Nevada, leaving the pork barrel states in even more desperate shape.

Job Listings

BELAY INVESTMENT GROUP Investment Analyst (SHERMAN OAKS, CA)Analyst will perform financial analysis and transaction support for real estate investment acquisitions and asset management as well as underwrite and review operating partner platforms.  

REVANTAGE CORPORATE SERVICES Manager – Financial Analysis (Multifamily) – LivCor, LLC (CHICAGO, IL)Manager will join a team of ~15 financial professionals responsible for monthly and quarterly financial reporting, budgeting and reforecasting, portfolio analytics, and market research. Position will interact extensively with LivCor asset management and executive leadership, Blackstone multifamily asset management, Revantage (LivCor’s affiliated real estate services company) accounting and treasury, and LivCor’s operating partners.  

HINES Director of Pre-Construction and Special Projects (HOUSTON, TX)Position will support the Innovation team in managing the design and preconstruction of flexible workplace solution sites; regional project teams for new developments for lobby, amenity, and public space design integration; and asset/property managers for major renovation projects of lobby, amenity and public spaces.  

GOLDEN STATE WARRIORS Manager, Sustainability and Engineering (SAN FRANCISCO, CA)Manager will play a key role in the preparation and planning for the opening of the new Chase Center arena in 2019 by managing all sustainability initiatives and partnering with managers and departments in coordinating and developing sustainability programs, plans and initiatives.  

LMC Vice President of Development (STAMFORD, CT)VP will be responsible for leading the development team on executing all functions of development for multifamily and mixed-use real estate projects with a focus on planning, entitlement, financial analysis, and overall management of the development process from inception to stabilization for division.  

BROOKFIELD PROPERTIES Pre-Construction Director (SAN FRANCISCO, CA)Duties include: preparing cost estimates for various projects and participating in the preparation of contractors’ bid packages, bid review, estimate analysis and award discussions.  

FIFTEEN GROUP Vice President of Real Estate Acquisitions (MIAMI, FL)Successful candidate will oversee analysts and associates, and work alongside other VP level acquisitions staff to coordinate, manage, and execute the pursuit, underwriting, and diligence of new investment opportunities.  

GREYSTAR Investment Sr. Analyst (NEWPORT, CA)Position will support the execution of the Company’s investment platform by performing financial analyses of investment opportunities, preparing appropriate documents to facilitate the underwriting and closing of real estate transactions, interfacing with brokers, equity partners, institutional clients, and the Company’s investment leadership, and tracking and reporting on the status of multifamily transactions within the assigned geographic markets.  

STARWOOD RETAIL Manager/Director of Asset Management (CHICAGO, IL)Manager will be responsible for owning property and portfolio-level cash flow modeling, monitoring and improving investment performance and supporting capital markets activities.  

GOLDMAN SACHS Multifamily Asset Manager, VP/Associate (DALLAS, TX)Primary responsibilities include managing a portfolio of 10 to 15 multifamily assets which includes business plan preparation and presentation, developing monthly cash flow projections, reviewing monthly and/or quarterly reporting, developing leasing strategy, overseeing third party service providers, capital plan oversight, business plan execution, and disposition of real estate assets.