One of the largest businesses in Seattle, Smead Capital Management which is a very large investment firm has decided to uproot their company and move it to Phoenix, Arizona.
The reason that they decided to pack up and move is because of the unpredictability and unrest in Seattle thanks to CHAZ/CHOP.
Prior to the riots which arose nationwide in response to the death of George Floyd, the attractiveness of Seattle was apparently starting to wane. CEO Cole Smead said that recruitment of potential employees was growing more difficult and the cost of living in Seattle is greater than that of Phoenix, likely due to Seattle’s race to ever more absurd minimum wage rates, which over double the Federal minimum wage of $7.25 per hour.
It seems that the ever-increasing difficulty of running a business in Seattle, the COVID-19 pandemic, and finally the occupation of the Capitol Hill region by leftist radicals finally forced Smead’s hand to decide to leave. In an interview, Smead said his biggest concern was, “what the business community [in Seattle] is going to come back to, and what kind of businesses are going to come back for customers.”
Apparently, Phoenix provides a much more attractive environment for running a business and to live in. According to Smead, “my colleagues [in Phoenix] can pick the socio-economic rung of life that they want … live their lives, build their households and have a family if they’d like.” In contrast, Smead commented, “where we’re coming from just wasn’t like that.”
Unsurprisingly, the investment firm—which manages over $1.5 billion in assets—might not be the only company fleeing the effects liberal politics. Smead shared that he had been “hearing rumors of 40-story buildings that will only be 20-percent occupied by October.”
Seattle will never be the same, even with CHAZ/CHOP being dismantled and Seattle being restored.
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