San Francisco in ‘worse shape’ than NYC as city faces exodus, JPMorgan Chase CEO Jamie Dimon says
The leader of the largest private employer in New York City weighed in on the big city exodus during an exclusive interview with Maria Bartiromo on Tuesday.
"San Francisco is in far worse shape than New York," JPMorgan Chase CEO Jamie Dimon declared on "Mornings with Maria."
"Any city who doesn’t do a good job, it will lose its population," he stressed while explaining the difference between San Francisco and New York.
The big bank CEO is currently in San Francisco for the J.P. Morgan Healthcare Conference despite the city’s mounting issues. While there, Dimon said he planned to meet with some city leaders to discuss drastic changes.
In the past few years, the "Golden Gate City" has been a hub for homeless encampments and surging crime, ultimately causing residents to flee and close businesses permanently.
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"I think every city, like every country, should be thinking about what is it that makes an attractive city, you know, its parks, its art, but it’s definitely safety," Dimon said.
He added that the ability to create jobs and offer affordable housing are among the qualities of an attractive city.
The CEO also urged local governments to listen to businesses while praising the companies who call San Francisco home.
"They [companies] need housing," Dimon stressed, arguing that if they can’t get permits to build affordable housing, they can’t bring in high-paid employees.
But when pressed about the current state of New York, Dimon explained that the "Empire State’s" problems are different compared to San Francisco’s.
"New York’s got to worry about fiscal," Dimon said. "You can’t have a fiscal deficit that high where you think that constantly taxing individuals and companies more and more, where, you know, the bulk of the tax is paid by a handful of people, it’s driving people out," he continued.
However, the JPMorgan chief offered solutions that the state could implement.
"I would love [the] government to spend more time. ‘We spend your money. Do we do it well?" he posed.
"Every department should send you a report. I think the press should be more demanding. How much money do we give to this department? What do they say they’re going to do? What did they do?" Dimon suggested.