It’s not hard to understand how New York became America’s financial powerhouse. In the beginning, it had every advantage — a deep harbor, the Erie Canal, booming railways, and early telephone lines that connected it to the world. But those days are long gone. The Information Revolution erased geography as an advantage, and what’s left is a city and state government that seem determined to drive out the very people who made New York great in the first place.
As of Tuesday, it still appears that New York City is about to make the disastrous decision to elect an outright Democratic Socialist as its next mayor — and if you read that as “Communist,” you’re not wrong. Zohran Mamdani’s agenda isn’t just misguided; it’s economically suicidal. His ideas are so thoroughly ridiculous they’re what you might call mind-boggling stupidity — from every possible angle. And if he actually gets the chance to implement them, the result will be nothing short of catastrophic for what’s left of New York’s economy.
The city’s financial and business exodus is already well underway, and now New Yorkers seem eager to slam the “Turbo” button on their own decline. As Mamdani promises an endless gravy train of “free” everything, the businesses that once powered the Big Apple are packing up for saner, freer states. Dallas, Texas, is rolling out the red carpet:
Several of the nation’s most prominent banks and financial institutions have built new campuses or increased their operational presence in Texas in recent years. The trend comes following many Americans’ relocations during the COVID-19 pandemic away from high-tax states like New York and California to those with lower tax and regulatory burdens.
The New York City mayoral election set to be held on Tuesday could factor into future decisions by financial firms regarding where to station their workforces. Critics of the policies advocated by Democratic nominee Zohran Mamdani, who identifies as a democratic socialist, have warned that his tax hike plans and other policies could incentivize businesses’ departures.
The five financial giants leading the charge — Goldman Sachs, JPMorgan Chase, Wells Fargo, Charles Schwab, and Bank of America — aren’t exactly mom-and-pop outfits. When titans like these start shifting their focus, it’s not a fluke — it’s a warning.
To be clear, they’re not abandoning New York entirely. They’re simply “increasing their operational presence” in Texas — corporate-speak for “we’re getting the heck out while we still can.” It’s the same story playing out across the country: major companies fleeing blue-state dysfunction for the pro-business climates of red states like Texas, Tennessee, and Florida.
If — or more likely, when — Zohran Mamdani takes office, the real question is how long it will take before Wall Street packs up and leaves for good.
You can hardly blame Big Finance for bailing. The only ones who deserve any blame are the people in the industry who voted for this madness and are now shocked to discover socialism isn’t great for business. These things always start small — a few taxes here, a few regulations there — and before you know it, the city is in a full-blown doom spiral.
And that’s exactly where New York is headed. With Mamdani at the helm, the last productive people will flee, leaving behind a city divided neatly into two groups:
- A few wealthy elites who can afford to live under a Communist city government, and who likely have most of their fortunes safely stashed in offshore accounts or other countries, far from Mamdani’s communist mitts;
- The ones who voted for Ole St. Nick, to keep that supply of free ‘stuff’ they were promised.
By Wednesday morning, we’ll know whether New York has earned itself a last-minute reprieve or just punched the gas pedal on Wall Street’s escape plan.
Good luck, New Yorkers — sounds like you’re going to need it.
