I’ve been writing about the economic backlash that has resulted from North Carolina’s homophobic / transphobic legislation HB-2, because I want to make sure that people don’t forget that even if politicians make easy, short term gains by targeting the gay community the times have changed and hateful legislation like North Carolina’s HB-2 will come at a cost. I’m sure this comes as a surprise to rednecks like NC’s Governor Pat McCrory, but I find it long overdue and am thankful for the support from the business community.
Although it is difficult to come to an exact number to determine how much HB-2 has cost North Carolina, Unicorn Booty suggested the cost is approaching $400 million dollars. This further validates Trillium Asset Management CEO Matt Patsky who said earlier this week that North Carolina was headed for a “state-government-inflicted recession”. Go figure. Hate just doesn’t pay like it use to.
This is how UnicornBooty came to their stunning calculation.
- $176,000 in legal fees for Republican lawmakers who have been sued over the law
- $47,000 in legal fees for Governor Pat McCrory who has been sued over the law
- $500,000 diverted from the state’s disaster relief fund to help pay for HB2 litigatio
- $87,700,000 lost from businesses refusing to expand in North Carolina since HB2 became law
- $109,400,000 from canceled conferences, concerts and other events since HB2 became law
- $106,000,000 from the NBA relocating their All-Star Game
- $51,000,000 from the NCAA relocating their championship game
- $40,400,000 from the ACC relocating their championship game
And here is the worst news for Governor Pat McCrory and those who stand by HB-2, there is no reason to believe those losses will stop. The reality is the expectation is these losses will continue.