Anecdotally, I heard that at these firms, all the "interesting" work is moving to Florida office because of the longer non-compete period. New York and other offices still exist but the most promising proprietary stuff goes to Florida.
They are moving to Florida because the personal income tax rate in Forida is 0% and in New York it's about 14%.
As someone living in Texas, which also has no state income tax, it's not this simple. The tax burden is not actually lower, it's just more convoluted. Property taxes, aka wealth taxes, are much higher. These are passed along to consumers, meaning even if you don't have personal wealth you still pay a bit of it.
there have been a few threads here comparing TX to CA and found that CA is still pretty competitive even having a beefy income tax.