NYC Chases Wall Street South

Or I should say Mamdani chases Wall Street firms away from NYC. Mamdani won't be happy until he drives every financial business out of NYC, and he won't be happy then, because he won't have any money for his programs. Wall Street giant Apollo aims to open ‘second headquarters’ outside NYC — in latest fallout from Mamdani’s war on the wealthy

Yet another major Wall Street firm is poised to expand outside New York City – the latest blow to the Big Apple’s tax coffers thanks to Mayor Zohran Mandani’s war on wealthy residents and businesses, The Post has learned.

Private equity giant Apollo Global Management, headquartered in Manhattan, has decided to open a new business hub — internally dubbed its “second headquarters” — in either Florida or Texas with an official decision likely to be made public in the coming weeks, people close to the matter say.

I can't help but think "expand outside NYC" is really "we are moving, but we don't want to say that." They probably also have employees who don't want to leave NYC, though why, given what is going on anyone would want to stay in NYC is beyond me.

Apollo paid a whopping $1.276 billion in income taxes in 2025, up from $1.062 billion the year before. While filings don’t break down how much of that went to the Big Apple, the city stands to lose a hefty revenue stream as the firm looks to expand elsewhere.

I don't understand the Left. They want to provide all kinds of services, except police apparently, but they don't want the businesses that provide the funds for those services. I guess math is hard.

Apollo isn't the only firm looking to ditch NYC. Ken Griffin was singled out by Mamdani, and who did that help? NY leaders desperately try to stop billionaire bigs from fleeing city over Mamdani.

Most are not being that visible about the moves.

The splashy one-two punch of Citadel CEO Ken Griffin and Apollo Global Management honcho Marc Rowan pledging to expand outside New York City has been coupled with a silent wave of businesses “quiet quitting” the city over its hostile environment, insiders told The Post.

Wall Street firms typically don't want the publicity. I think Apollo only spoke out after Mamdani targeted Citadel. But it didn't start with Mamdani. New York (City and State) has impossibly high taxes.

Even before Mamdani, the Empire State has steadily watched its standing as a business haven slip.

New York lost $660 billion in economic growth over the past decade, leading all 50 states, according to economic data from the Committee to Unleash Prosperity.

Red states, particularly Florida and Texas, have started to scoop up disaffected New York residents and businesses.

There is more. Statistics on people leaving NYC. Some info on the business that have left. The effort to get Bloomberg to run for mayor. Again.

The loss of Wall Street business could deal a major blow to New York City’s finances, which are buoyed by taxes on bonuses from the sector.

Math and politics. Probably not a winning combination.