The Big Apple is facing a big money exodus.
Texas Gov. Greg Abbott is openly rolling out the red carpet for New York companies after New York City Mayor Zohran Mamdani sparked outrage on Wall Street by targeting billionaire hedge-fund boss Ken Griffin in a viral social media stunt that pushed higher taxes on wealthy property owners.
“Governor Abbott is proud to welcome businesses and job creators from across the country to Texas, where we have no state income tax, reasonable regulations, and a pro-growth environment that encourages free enterprise to flourish,” Abbott spokesman Andrew Mahaleris told The New York Post.
“Punitive policies that target successful job-creating entrepreneurs only accelerate the trend of companies choosing Texas,” he added.
The clash comes as Texas continues gaining ground against New York in the battle for financial supremacy. According to Partnership for New York City data, Texas now boasts roughly 519,000 financial sector employees compared to New York’s 507,000.
Even banking giant JPMorgan Chase reportedly now employs more workers in Texas than in New York — a symbolic shift that’s rattling longtime defenders of Wall Street’s Manhattan dominance.
Mamdani ignited the latest firestorm after filming one of his trademark slick social-media videos outside Griffin’s $238 million Midtown penthouse while promoting a proposed pied-a-terre tax targeting wealthy homeowners. Griffin blasted the stunt as “creepy,” while business leaders privately warned it reinforced fears that New York is becoming openly hostile to investors and employers.
The backlash quickly escalated.
Billionaire investor Marc Rowan and Griffin both warned they could expand operations outside New York City as insiders described a growing “quiet quitting” trend among companies looking toward lower-tax states like Texas and Florida.
One White House adviser argued Mamdani’s rhetoric could become a political gift for Republicans heading into the post-Trump era.
“Don’t interrupt your enemy when he’s making a mistake,” the adviser told The Post.
Another GOP source connected to New York’s business world said wealthy residents are already eyeing escape routes.
“People in New York are looking at real estate in Dallas and Miami,” the source said.
The economic stakes for New York are enormous.
Wall Street bonuses and financial-sector taxes remain critical to the city’s budget, meaning a serious corporate migration could hammer city finances while weakening New York’s status as the global financial capital.
Meanwhile, former New York Gov. David Paterson ripped Mamdani’s approach and warned Democrats not to drive away the very businesses keeping the city afloat.
“[Mamdani] comes from a household of poor judgment,” Paterson told The Post on Sunday.
Paterson said he’s already organizing Democrats and Republicans to push back against anti-business rhetoric before major employers abandon the city entirely.
“This is a great city,” Paterson told WABC radio host John Catsimatidis. “We’ve been through some really difficult times in this city. I think this is the time when leadership stands up and shows how well they can lead.”
More over at The New York Post:
Texas Gov. Abbott welcomes NY companies after Mamdani demonizes wealthy Big Apple CEO Ken Griffin https://t.co/5c9O6VPRV7 pic.twitter.com/jxk61qLfEh
— New York Post (@nypost) May 11, 2026
