Texas Seeks to Poach NYC Companies Over Mamdani Taxes

Texas Gov. Greg Abbott is welcoming New York companies considering relocation or expansion outside the city, after New York Mayor Zohran Mamdani’s tax proposals and rhetoric toward wealthy business leaders triggered a backlash from Wall Street executives.

Abbott spokesman Andrew Mahaleris told The New York Post that the governor is “proud to welcome businesses and job creators” to Texas, citing the state’s lack of a state income tax, lighter regulation and pro-growth business environment.

“Punitive policies that target successful job-creating entrepreneurs only accelerate the trend of companies choosing Texas,” Mahaleris said.

The comments come after Mamdani used Citadel founder Ken Griffin’s $238 million Midtown penthouse in a social media video promoting a new tax on luxury second homes. Griffin called the video “creepy” and said the mayor’s approach had directly influenced Citadel’s decision to expand its Miami hub more aggressively.

Apollo Global Management CEO Marc Rowan is also reportedly preparing to open a major new hub in Florida or Texas, with around 1,000 employees, matching the firm’s New York headcount.

The dispute has intensified concerns that New York could lose more financial-sector jobs to states such as Texas and Florida. According to the Partnership for New York City, Texas has already surpassed New York in financial-sector employment, with about 519,000 workers compared with New York’s 507,000. JPMorgan Chase now employs more people in Texas than in New York.

The possible loss of Wall Street jobs carries major fiscal implications for New York City, which depends heavily on tax revenue from the financial sector, including taxes tied to bonuses and high incomes. Business groups have warned that the city could lose thousands of jobs and hundreds of millions of dollars in annual tax revenue if more firms move operations elsewhere.

Mamdani has defended his tax agenda, arguing that the city’s system benefits extreme wealth while working residents face rising costs. His critics say the approach risks accelerating capital flight and weakening the tax base that funds city services.

Former New York governor David Paterson, a Democrat, criticized Mamdani’s rhetoric and said business and civic leaders should organize to push back rather than leave the city. He said wealthy job creators should not be demonized and warned that attacks on billionaires only encourage those being targeted to protect themselves by moving elsewhere.

A White House adviser told the Post that Mamdani’s anti-corporate message could also become politically useful for Republicans nationally, particularly if the issue becomes part of the 2028 presidential campaign.