RJC

Working in CRE

@FordMustang @jimfarley98 Can we get Max in one of these cars?

6:40.835. Lap times don't lie. The new Mustang GTD went to the "Green Hell" and shaved 11 seconds off its previous record-breaking lap time—helping Ford secure the two fastest lap times of any American brand, including the Ford GT MkIV.

My post on Friday regarding the estate tax proposal in New York got 600,000+ views, so clearly this struck a nerve. Some individuals asked me to back up what I said so I am going to discuss what happens when states push tax policy past the breaking point. Here is what the data shows and it’s worse than most people realize. According to IRS migration data, New York has lost $111 billion in net adjusted gross income over the last decade from residents moving to other states. That’s not hypothetical, that’s $111 billion in taxable income that used to fund schools, subways, police, and infrastructure that is now funding those things in Florida and Texas rather than New York. California lost $102 billion over the same period. Florida gained $196 billion. Texas gained $54 billion. That’s not a coincidence, it’s a pattern. Between 2018 and 2024, 561 companies relocated their headquarters across the country. The San Francisco Bay Area lost 156 corporate headquarters. Los Angeles lost 106. New York City lost 27. Meanwhile Dallas alone gained 100, Austin gained 81, and Nashville gained 35. This didn’t come to a halt in 2025 or 2026. Palantir $PLTR which was the largest publicly traded company in Colorado, announced in February that it was moving its headquarters from Denver to Miami. It was PLTR’s second move in six years after leaving Silicon Valley in 2020. The governor of Colorado said he found out through a social media post. ExxonMobil’s $XOM board unanimously recommended that shareholders approve reincorporating the company from New Jersey to Texas after 144 years at the vote in May. Exxon has physically operated out of Texas since 1989, and its CEO said Texas has created a policy environment that allows them to maximize shareholder value. Chevron $CVX completed its move from California to Houston. In-N-Out Burger is opening a 100,000-square-foot eastern headquarters near Nashville and is leaving California. These aren’t outliers anymore as this is becoming the new normal. It’s not just corporate headquarters moving. Entire financial ecosystems are relocating. Citadel, one of the most profitable hedge funds in the world, moved its headquarters from Chicago to Miami in 2022 and has been building out aggressively ever since. They’re constructing a massive new waterfront headquarters in Miami’s Brickell financial district. Elliott Management moved to West Palm Beach. Carl Icahn moved Icahn Enterprises from New York to Sunny Isles Beach. Cathie Wood’s ARK Investment Management relocated to St. Petersburg. Goldman Sachs $GS is building a $500 million campus in Dallas designed to house over 5,000 employees. JPMorgan Chase $JPM and Wells Fargo $WFC have both invested hundreds of millions into massive new campuses in the Dallas-Fort Worth area. Wells Fargo is also moving its wealth management division from San Francisco to West Palm Beach. NYSE Texas a reincorporation of the 143-year old Chicago Stock Exchange officially launched in Dallas in early 2025. The Texas Stock Exchange which is a brand new national securities exchange backed by over $160 million from BlackRock $BLK , Citadel Securities, and Charles Schwab $SCHW is set to begin trading by the end of this year. Nasdaq has also expanded its Texas presence with operations in Irving. When you have that level of financial infrastructure being built in a single metro area, that’s not a trend it’s an ecosystem being constructed from scratch to compete directly with New York. Each of these moves represents not just a company but thousands of high-paying jobs, billions in local economic activity, and a signal to every other firm still on the fence that states with competitive rather than restrictive policy are creating enticing operating environments. Currently over 1 million residents have left New York for other states since 2020 according to the latest Census estimates. International immigration has partially offset the population headcount, but it hasn’t replaced the tax base. The people leaving earn significantly more on average than the people arriving. Almost 1,700 millionaires changed their address out of New York in 2024 alone. Millionaires paid 44.6% of all personal income tax collected in the state last year. The proposed response to this fragility is to drop the estate tax threshold from $7.1 million to $750,000, raise the top rate to 50%, add a new 2% income tax surcharge on millionaires, increase corporate taxes, and add a capital gains surcharge. Under these proposals, the combined federal, state, and city top marginal rate on high earners in New York City would approach 54%. That’s a policy framework that ignores everything the last decade of data has told us. The Dallas mayor just publicly predicted an “avalanche” of NYC financial firms heading to Texas under these policies. Florida realtors are seeing a surge of inquiries from wealthy New Yorkers. Cities like Miami, Austin, and Nashville are building entire ecosystems including schools, cultural centers, and financial services clusters which are designed specifically to attract the people New York is pushing out. Ken Griffin and Stephen Ross just launched a $10 million campaign called “Ambitious Accelerated” to recruit more businesses to what they’re calling Florida’s “Tech Gold Coast.” They’re not waiting for New York to figure it out. They’re actively recruiting our talent, our capital, and our tax base. That’s what makes this moment so critical. We are in the middle of the most competitive environment for jobs, businesses, and investment that this country has ever seen. States are actively building infrastructure to attract employers and high earners. This is the time to compete, not to double down on the same policy approach that has been pushing wealth and businesses to lower-tax states for a decade. Texas entered its latest legislative session with a $24 billion surplus while having no personal or corporate income tax. Think about that for a moment, no personal or corporate income tax and they have a $24 billion surplus. Florida added more new businesses than any other state in 2024, with over 266,000 formed in a single year. These states didn’t create an attractive business landscape out of thin air. They made deliberate policy choices to create environments where businesses want to operate, where employers want to hire, and where working people can actually build something without the ground shifting underneath them every budget cycle. This matters because of what it means for everyday people. When a company relocates its headquarters, it doesn’t just move a sign, the entire company leaves, from the executive team to the support staff. It doesn’t stop there because that's only internal. Externally, all of the trades that may do work for the company will no longer receive those phone calls. The restaurants will no longer see those repeat customers. The tax revenue from those paychecks won’t be collected, and future job growth in the community from that company will cease to exist. When Dallas gained 100 corporate headquarters over six years, that meant tens of thousands of new jobs, new residents spending money, new homes being purchased, new small businesses opening to serve those people. That’s how local economies actually grow. That’s how neighborhoods stay alive, and when a corporate headquarters leaves a city, the exact opposite happens. The jobs thin out, the spending dries up, the small businesses that depended on that foot traffic start closing, and the tax base that funded public services shrinks. New York has every natural advantage in the world. The talent, infrastructure, culture, and institutions are all here, but it won’t be enough if the policy environment drives away the employers and investors who create opportunities for everyone else. The states that are growing right now aren’t growing by accident. They made a decision to be competitive. They kept tax burdens manageable, they created regulatory clarity for businesses, and they built an environment where employers want to expand and hire. New York has every tool to do the same thing. The question is whether the people making the decisions recognize that we’re in a competition and right now, we’re not acting like it. Here’s the part nobody in Albany wants to hear. The people who leave don’t just take their tax returns with them. They take their fundraising networks, philanthropy, job creation, and spending to a new economy. A city that once attracted the world’s most ambitious people risks becoming a place they leave once they’ve made it, or worse, a place they never lay down roots. That’s not ideology. It’s an economic reality that the IRS, Census, and corporate relocation data have been telling us. I said it in my first post, and I’ll say it again. When you tax people past the point where the math makes sense, they leave. When they leave, the burden falls on everyone who doesn’t have the resources to relocate. It’s time to take a common-sense approach to policy and make the great state of New York competitive again. New York has a decision to make. Either it continues down this path and alienates more taxpayers or it becomes more competitive. I love this state, but I am extremely worried for it’s future. We should be building a thriving ecosystem with an abundance of opportunities for New Yorkers, but instead we are pushing entrepreneurs and businesses to states that are more competitive with policy. Is this really the path we want to take not only for the current residents but for the next generation? @amitisinvesting @basispointpod @chamath @Jason @BillAckman @kevinolearytv @patrickbetdavid @PBDsPodcast

They say it's not an income tax. They say it's an "excise tax on the privilege of earning income." I made a little video to explain how that works. 🎵 If you still don't get it after watching... well, that's sort of the point. #WAleg #SB6346

Most high-rise office buildings aren’t economically feasible to convert to residential .Retrofits often cost way more than new stick build, for a far worse product. A few reasons (not comprehensive): -floor plates are too big/deep (causes massive dead spaces/ no access to light). Deep bay depths create bowling alley like units with only one window on the far end. (Bedrooms need windows so can’t make most of the depth livable) -Central HVAC/plumbing core: gotta rip out central VAV and add individual vrf or heat pumps. Also have to run new lines to every unit for plumbing which is nightmare. Potentially drilling post-tensioned slabs -Change of use triggers massive seismic/energy code upgrades. -operable windows/exhaust venting can mean ripping out entire glass facades -Steel structures = noisy/vibrating floors; also office towers sway more (fine for desks, unsettling when trying to sleep. Some shallow, older offices sometimes work. But typically are still expensive. Lots more I could add but this gives the general gist

If u look at sf for example, u can drive by tons of empty office space, yet rent in the city is out of control. Yet ppl don't wanna build more residential housing cuz of historic neighborhoods Possible solution? Turn the offices into housing (added "I think" because it's poss im wrong, not an expert on this topic )

I think liberal regulations that prevent housing from being built result in absurd housing prices, which then add fuel to the anti-immigrant conservative movement.

@choeshow Don’t buy from the union locations

Buy Starbucks and support a Seattle based institution. I will be loading up on Venti Blonde Roasts all weekend long. Coffee on me if I see you in line at the Redmond, WA location. ☕️

@pnwconservative @Starbucks Do one better. Stop purchasing from Starbucks union locations (there is a map on their website). Most cities have both. Support the shops that chose not to unionize.

I went out of my way today to buy @Starbucks….. and treated my whole team too.

@thehoffather I mean if we get Snake Plissken in Seattle, it’s worth having a communist mayor.

COMING TO CITY HALL JANUARY 2026

@beefislit @GiantnTexas @DailyDownfords @RFKracing @NASCAR @ESPNF1 He said like 2 weeks ago that he has no interest in racing ovals because it’s too dangerous.

Congratulations @jpmorgan on the opening of your new headquarters! 🎉🇺🇸🙏

@spermcramps PTLD: 2022 found that even when Lyme disease patients were early diagnosed and promptly treated (a best case scenario condition), 14% of the patients developed Post Treatment Lyme Disease (PTLD). hopkinslyme.org/lyme-disease/t….

I genuinely like Bella Hadid but I feel insane having to constantly remind everyone that chronic lyme disease isn’t a real thing lmao. It’s completely made up

@SCUDERIAFEMBOY He says that now. We all know that once he wins Le Mans he will be like “Well I already have 2. Might as well give the third a shot.”

max: “i’m not interested in the triple crown. i enjoy watching the indycar races, but i don't want to compete in them myself.” [speedweek]

Debunking The Biggest Lies Told About Charlie Kirk (0:00) - Intro (10:58) - On Second Amendment (12:48) - On Empathy (15:42) - On Gay People (17:58) - On Trans People (24:21) - On Racism (28:21) - On Affirmative Action (30:58) - On Critical Race Theory (34:56) - On Illegal Immigration (39:12) - On Abortion (44:22) - Charlie’s Why (49:48) - Liberal Threats (50:55) - Leaving The Left (52:29) - My Thoughts

No business owner is boarding up tonight in fear of riots. The Left and the Right are not the same!

@eoghan There are 346 municipalities with a population of 100k+. Would be cool to get all of them.

We now have funding for nearly 300 murals and we’re in touch with 800 interested artists. We’ll start to commission work in a few days.

@MV33Racing Hot take: Max is staying at Red Bull because he negotiated to be allowed to race in other series (GT3, etc.) on his own time if he stayed. Other teams would likely demand he focus solely on F1.

🚨 GT3 News: Max Verstappen will race this weekend at the Nürburgring Nordschleife (Nürburgring Endurance Series (NLS). Max will take his test on Friday and race on Saturday, most likely driving the Porsche Cayman GT4 CS. The goal is to contest the ninth round of the NLS on September 27, in the Ferrari 296 GT3 with Emil Frey Racing. This would be Max's first Nordschleife official race in a GT3 car.

@PeteButtigieg Canceling a rule proposed in 2023 that you failed to pass (so was never made a rule) during your tenure.

Our billionaire President put an airline lobbyist in charge of the Department of Transportation. So no, this is not a surprise.

@ericweinstein This is the best explanation/rationale of the change: x.com/lulumeservey/s…

I know this will fall on many ears that either think this move of Trump is simply brilliant or stupid. Can't help that; but he is going to just keep renegotiating our *entire* world as his special strategy for all 4 years. For both better and worse. And this is due 100% to the Democrats not listening, and handing him this opportunity with a bow on top. So let's see where it goes. Back to the War Department.

This is true in my opinion and an excellent point. Two other things also seem true: I) If it had been the "Department of War", our President would have been equally tempted to rename it the Department of Defense, reasoning that we should not be declaring war. And many who want things shaken up would be happy that this was a pro-peace move. He's just shaking things up to shake them up. And in every shake up he has a one move advantage because only he knows what he is going to do next. And those small shake up wins accumulate pretty quickly. II) Being honest and transparent is often a virtue in statecraft. But only up to a point. So we have to stop celebrating transparency and sunlight simplistically as always "the best disinfectant". I bring up Chickenpox, Tinea and HSV-1 which are all infections that can be made worse by sunlight. Trump is not transparency focused. He is selectively transparency focused.

@komonews EAGR really gets around. His tags are everywhere.

The city of Seattle has fenced off and temporarily closed three parks, citing safety concerns. komonews.com/news/local/cit…

@GavinNewsom @realDonaldTrump If high electricity costs are due to a leaders failings then you are the biggest failure in the continental United States. Thank you for pointing that out for us.

Electricity prices have gone up 10% since January. Great work, @realDonaldTrump!!

@Grimezsz @romanhelmetguy @ChrisVitetta tungsten thunderbolts bolts are such a satisfying real world example of primitive futurism. Instead of relying on technology lets just go back to dropping hunks of metal on things.

@romanhelmetguy @ChrisVitetta The issue isn't mars it's low earth orbit and u wouldn't even need nukes - palladiummag.com/2025/04/25/the…

Does anyone in the US gov't care at all that Elon seems to believe Mars will be a sovereign entity and not an American territory?