Progressive city leaders in these metro areas also implemented failed social justice reforms that unleashed a crime wave and exacerbated the exodus. Many of these firms fled to Florida, Texas, and other Sun Belt states. 

From 1Q20 through the end of 1Q23, Bloomberg data shows more than 370 investment firms -- or about 2.5% of the US total -- with $2.7 trillion assets under management -- moved their offices to a new state. 

"The vast majority of the migration was out of high-cost-of-living locales in the Northeast and on the West Coast and into Florida, Texas, and other Sun Belt refuges," Bloomberg said.