Dallas Mayor Anticipates Exodus of NYC Financial Firms Due to Socialist Policies
The Big Money Show panel weighs in as Zohran Mamdani begins his term as New York City mayor.
The mayor of Dallas has made bold predictions regarding the future of financial firms in the wake of Zohran Mamdani’s inauguration as mayor of New York City. He warns that if Mamdani implements his socialist policies, many financial institutions may choose to relocate to Dallas.
In an exclusive interview with the New York Post, Dallas Mayor Eric Johnson described Mamdani’s policy preferences as an “un-American socialist impulse.” He believes this could lead financial firms and investors to “vote with their feet,” seeking out regions with more favorable business climates.
Johnson expressed that Dallas is ready to welcome these companies with “open arms.” He stated, “Dallas doesn’t demonize successful businesses. Businesses know where they are wanted and will thrive. Financial services firms across the nation—especially in New York—are looking to Dallas because they can clearly see that this is America’s Sanctuary City from Socialism.”
Highlighting the advantages of Texas, Johnson pointed out that the state has no income tax. Local governments, including his own in Dallas, are actively working to lower other taxes and reduce regulatory burdens, making it an attractive destination for businesses.
WHY MAJOR FINANCIAL FIRMS ARE EXPANDING TEXAS PRESENCE BEYOND TRADITIONAL WALL STREET HUB
Dallas Mayor Eric Johnson told FOX Business that he expects an “avalanche” of financial firms fleeing New York under socialist Mayor Zohran Mamdani. (Leon Neal/Getty Images)
“I’ve cut the property tax rate every year I’ve been in office now. So we’re talking seven straight years,” Johnson remarked to the Post.
Mamdani has proposed a range of ambitious socialist policies for New York City, including increased taxes on businesses and wealthy individuals, city-owned grocery stores, and fare-free bus service.
AT&T PLANS TO BUILD NEW HEADQUARTERS OUTSIDE OF DALLAS
New York City Mayor Zohran Mamdani has touted an ambitious socialist policy platform for the Big Apple. (Andres Kudacki/Getty Images)
Johnson emphasized that the lower cost of living and a more welcoming political climate in Dallas would attract New Yorkers seeking a new home in an emerging financial hub. “The cost of living is lower,” he explained. “You can have the best of New York, but you can have it in a place where you can also afford to have a very nice home, send your kids to good schools, and be safe.”
NYSE COMING TO TEXAS AS LONE STAR STATE CONTINUES TO ATTRACT BUSINESSES
Dallas is becoming one of the leading financial hubs outside of New York City. (Kirby Lee)
Johnson’s proactive approach to attracting financial firms and workers comes at a time when Texas is increasingly viewed as a prime destination for the industry. “Now New York has a mayor who is openly hostile towards the business community and is pushing for higher taxes on job creators,” he stated. “As a result, I predict an avalanche of Wall Street firms moving to Dallas.”
Notably, JPMorgan Chase has more employees in Texas than in New York, and Goldman Sachs is currently constructing a 14-floor campus in Dallas.
The Big Money Show panel weighs in as Zohran Mamdani begins his term as New York City mayor.
The mayor of Dallas has made bold predictions regarding the future of financial firms in the wake of Zohran Mamdani’s inauguration as mayor of New York City. He warns that if Mamdani implements his socialist policies, many financial institutions may choose to relocate to Dallas.
In an exclusive interview with the New York Post, Dallas Mayor Eric Johnson described Mamdani’s policy preferences as an “un-American socialist impulse.” He believes this could lead financial firms and investors to “vote with their feet,” seeking out regions with more favorable business climates.
Johnson expressed that Dallas is ready to welcome these companies with “open arms.” He stated, “Dallas doesn’t demonize successful businesses. Businesses know where they are wanted and will thrive. Financial services firms across the nation—especially in New York—are looking to Dallas because they can clearly see that this is America’s Sanctuary City from Socialism.”
Highlighting the advantages of Texas, Johnson pointed out that the state has no income tax. Local governments, including his own in Dallas, are actively working to lower other taxes and reduce regulatory burdens, making it an attractive destination for businesses.
WHY MAJOR FINANCIAL FIRMS ARE EXPANDING TEXAS PRESENCE BEYOND TRADITIONAL WALL STREET HUB
Dallas Mayor Eric Johnson told FOX Business that he expects an “avalanche” of financial firms fleeing New York under socialist Mayor Zohran Mamdani. (Leon Neal/Getty Images)
“I’ve cut the property tax rate every year I’ve been in office now. So we’re talking seven straight years,” Johnson remarked to the Post.
Mamdani has proposed a range of ambitious socialist policies for New York City, including increased taxes on businesses and wealthy individuals, city-owned grocery stores, and fare-free bus service.
AT&T PLANS TO BUILD NEW HEADQUARTERS OUTSIDE OF DALLAS
New York City Mayor Zohran Mamdani has touted an ambitious socialist policy platform for the Big Apple. (Andres Kudacki/Getty Images)
Johnson emphasized that the lower cost of living and a more welcoming political climate in Dallas would attract New Yorkers seeking a new home in an emerging financial hub. “The cost of living is lower,” he explained. “You can have the best of New York, but you can have it in a place where you can also afford to have a very nice home, send your kids to good schools, and be safe.”
NYSE COMING TO TEXAS AS LONE STAR STATE CONTINUES TO ATTRACT BUSINESSES
Dallas is becoming one of the leading financial hubs outside of New York City. (Kirby Lee)
Johnson’s proactive approach to attracting financial firms and workers comes at a time when Texas is increasingly viewed as a prime destination for the industry. “Now New York has a mayor who is openly hostile towards the business community and is pushing for higher taxes on job creators,” he stated. “As a result, I predict an avalanche of Wall Street firms moving to Dallas.”
Notably, JPMorgan Chase has more employees in Texas than in New York, and Goldman Sachs is currently constructing a 14-floor campus in Dallas.
