White flight

In 1960 Detroit was the wealthiest city in the world and the richest per capita city in the US. Over dependence on the auto industry along with various government policies designed to help caused what became known as, "white flight". As people moved to the burbs the tax base declined and Detroit was on its way to becoming the poorest city in the US. Something similar is happening in large metropolitan areas like New York and San Francisco. Wall Street banks and tech companies are fleeing New York and California because of high taxes. New York State income tax is 6.5% and New York City income tax is 3.8% while Florida has no state or city income tax. For companies that work on small margins and extra ten percent added to the net is tempting. Not only are taxes lower in places like Florida and Texas the cost of living including housing is much less. Add to that less crime and better weather and the move is on.