Businesses Say New York’s Clout Is Emigrating, With Visa Policies to Blame

Among a company’s most valuable assets is its talent, particularly for financial and technology firms. A report by a business-interest group, Partnership for New York City, argues that America’s visa policies, including caps on the number of highly qualified workers and tough restrictions on extended stays, endanger New York City’s ability to attract and retain top talent. Immigration opponents justify the restrictions, suggesting that they preserve jobs for Americans. The combination of globalization of the labor market, improvements in communication technology and US visa restrictions means that firms still offer high-paying jobs the most skilled workers, but those talented remain in London or Geneva – along with their families, consumer spending and tax dollars. The main rationale behind the immigration restrictions remains national security, as the laws seek to limit the number of potential terrorists who enter the US. The unintended consequence, however, has been to limit attracting the best jobs and workers to the US, even when those applicants pose no security risk. – YaleGlobal