Prominent Billionaires Condemn New York City as ‘Declining’

**The Exclusivity and Charm of Southampton and Palm Beach**

In this article, we will explore the allure of Southampton and Palm Beach as exclusive resort towns that have gained popularity among wealthy New Yorkers. These communities provide an escape from the deteriorating quality of life in New York City, offering a well-run environment, excellent services, low crime rates, and a peaceful atmosphere. As migrations and remote work transform the dynamics of city living, it remains to be seen whether New York City will retain its historical dominance as the primary destination for work, school, and social activities.

**The Appeal of Southampton and Palm Beach**

John Paulson, a billionaire and former hedge fund manager, expresses his admiration for Southampton and its well-run community. He has been a long-time supporter of Southampton Hospital’s various campaigns and appreciates the tranquil and safe environment the town offers. Similarly, Paulson praises Palm Beach, Florida, where he recently purchased a home and made generous donations to projects like the renovation of Phipps Ocean Park. The migration of affluent New Yorkers to these resort towns has greatly improved the quality of life there, fostering mutual affection and creating a shared culture of luxury.

**The Shift in New York’s Status as a Premier Destination**

As the world emerges from the pandemic and returns to normalcy, the question arises whether New York City will maintain its position as the preeminent destination for social events, global travel, and office life. Despite many wealthy New Yorkers relocating to places like Southampton and Palm Beach during the height of the pandemic, there is still a strong connection to the city. Howard Lorber, chairman of Douglas Elliman Realty, reports that New Yorkers who moved to Florida still retain their properties in the city. In fact, Lorber predicts that New York City will become the number one second-home market in the world.

**Maintaining a Connection to New York City**

Simone Levinson, a resident of Palm Beach who spends most of her summers in Southampton, emphasizes the enduring energy and uniqueness of New York City. Although she has reduced her philanthropic commitments in the city, Levinson is optimistic about its future, highlighting her husband’s involvement in significant developments like the new 425 Park office building and TSX Broadway in Times Square. While acknowledging that New York continuously evolves, Levinson contends that its infectious energy remains unparalleled.

**Concerns about New York City’s Governance**

Despite the ongoing affinity for New York City, concerns about its governance and management persist. Wilbur Ross, a prominent figure in the financial industry, urges the need for new management in the city. John Catsimatidis, a former mayoral candidate and grocery store magnate, echoes this sentiment, emphasizing that wealthy residents might choose to live elsewhere if the issues in New York City are not addressed promptly. Catsimatidis provides an example of the current situation by highlighting the lack of lights on Park Avenue during his recent drive home.

**Embracing the Charm of Palm Beach**

The Southampton Hospital’s 65th annual Summer Party, themed around the Colony Hotel in Palm Beach, serves as a reminder of the growing inclination towards South Florida among New Yorkers. The event, which raised over $2 million, evoked excitement among attendees who spend a significant amount of time in Palm Beach during the winter months. The distinct features of the Colony Hotel, including its golf carts, bougainvillea-covered bar, and famous crabcake, appealed to these transplants and heightened their anticipation for their return to Palm Beach.

**A Vibrant Mix of Guests**

The Summer Party hosted a diverse range of guests, including both full-time residents and weekend visitors. Numerous senior finance executives, such as Andrew Wetenhall, who owns the Colony Hotel, as well as Jeff McDermott, Steve Klinsky, Martin Brand, and Malcolm Price, attended the event. Malcolm Price, who recently started a new role at Wells Fargo, spent part of his garden leave at the beach, making the event a gathering of influential individuals within the finance industry.

In conclusion, the allure of Southampton and Palm Beach as exclusive resort towns has captivated wealthy New Yorkers seeking an escape from the declining quality of life in New York City. While these communities offer a well-run environment, excellent services, and a sense of tranquility, the future of New York City remains uncertain. As the world reopens and returns to pre-pandemic routines, the dynamics of living preferences and destinations may change. Nonetheless, the enduring energy and uniqueness of New York City continue to hold a special place in the hearts of many.