Another New York hedge funder is moving to Florida

The exodus continues: Larry Robbins, the hedge funder behind Glenview Capital Management, is moving from New York to Florida.

The billionaire and his family will now call Hobe Sound home, however the CEO will proceed to work within the Big Apple for now, he says he said Bloomberg on Wednesday in his first interview since telling investors about his plan. Glenview may also remain in New York and none of its 53 employees can be asked to relocate to the Sunshine State.

“We decided that if we wanted to move, now was the time to do it before their bond deepened,” Robbins said, referring to his young children, who’re 8, 5 and a pair of years old.

While the family home in Hobe Sound is being built, the Robbinses will live in a residence in Palm Beach Gardens. Meanwhile, Robbins will commute to Manhattan starting in August, adhering to Glenview’s three-day-a-week office policy. During this time, he’ll reside at his family home in Alpine, New Jersey.

Robbins’ move is the newest example of a migration of wealth out of New York that also includes big names like Ken Griffin, founder and CEO of Citadel. Historically, New York has relied on its high-earning residents to help fund public efforts: In 2019, the highest 1 percent of earners accounted for 40 percent of the town’s income tax revenue, according to comptroller data cited by Bloomberg. In 2021, that number increased to almost half.

Robbins himself worries about what the exodus means for lower-income New Yorkers, whilst it perpetuates the trend. He has been working with the anti-poverty Robin Hood Foundation for a while and told Bloomberg he is particularly concerned in regards to the impact of wealth migration on the town’s education funding.

“I fear that the most vulnerable people in New York will become victims of the great migration,” Robbins said. “Unless we solve the great problem of driving high-wage earners out of New York, this challenge will be an ongoing problem for decades to come. . . Imbalances and inequalities risk getting worse.”

The hedge fund has already begun investing in its latest home base, partnering with the Palm Beach North Athletic Foundation to construct a $40 million hockey facility. However, Robbins stays energetic in New York: he stays with the Robin Hood Foundation and helps raise funds for the town’s KIPP charter schools.