A Seattle-based investment firm announced Monday that it will leave the city because of civil unrest and move south, taking billions with it.
Smead Capital Management President and CEO Cole Smead, told KSTAR NEWS, that “the unrest that has taken place in the city of Seattle… there really is not a downtown community today.”
Seattle’s Capitol Hill Occupied Protest, formerly called the Capital Hill Autonomous Zone or CHAZ, spans several blocks and has caused a disturbance to downtown life. Multiple shootings, rapes, robberies and a death have been reported within CHOP, according to Seattle police chief, and law enforcement had not been able to respond.
Although Seattle has lower taxes, Smead said Phoenix, Arizona, where the new headquarters will be located, offers easier candidate recruitment and substantial lower cost of living.
“My colleagues can pick the socio-economic rung of life that they want to live their lives, build their households and have a family if they’d like… Where we’re coming from just wasn’t like that.”
Smead Capital Management manages over $1.3 billion dollars, according to the company’s 2019 annual report.
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