Posted on 11/07/2025 11:35:04 AM PST by E. Pluribus Unum
Good news for Zohran Mamdani: Wall Street isn’t going anywhere.
Andrew Cuomo, the vessel for Wall Street’s dashed mayoral hopes, is fond of invoking scripture: deeds over words, he’s told many a church congregation over his now-punctuated political career. As the city’s financiers complain loudly about Zohran Mamdani’s win, watch what they do, not what they say.
The local media and thirsty suburban real estate agents have stoked fears that New York’s billionaires (i.e. its tax base, cultural patrons, and scientific benefactors) will leave for places where it is cheaper to be rich. I doubt it. “There are two things driving the US economy right now: compute power and people power,” said Scott Rechler, CEO of RXR, one of the city’s biggest commercial property firms. “The compute is in data centers in the middle of nowhere. The people are in New York City.”
Indeed, “Midtown in particular is celebrating an incredibly hot real estate market,” the former real estate executive now running the MTA, Janno Lieber, remarked last week. “Commercial leasing is out of sight.”
The same college-educated, white-collar workers who backed Mamdani’s affordability campaign are pinched by costs precisely because their cohort wants to live here. And finance companies aren’t even pretending to leave anymore. Goldman Sachs nine years ago splashily moved investment bankers to Dallas, Atlanta, and other heartland cities — and has scarcely mentioned the initiative since. “Equities in Dallas” (shudder) remains as relevant a shorthand for New York City’s primacy as it was when Michael Lewis wrote Liar’s Poker in 1989. Bosses who demanded their employees return to the office five days a week will have a hard time moving to Florida. The city’s biggest hook on the billionaire set is a personal income tax that is, practically...
(Excerpt) Read more at semafor.com ...
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Right.
Let us see where we are in NYC this time next year...
What self respecting Muslim would ignore a golden bull ...?
Promises, Promises.
What’s the over/under for when Mad-mani removes the black woman statue?
Liz needs to explain the spike in real estate prices in GOP-ruled adjacent Nassau County, methinks.
And the freaks call US Nazi ... pox on every last one of them...
For me it was 1983 and no regrets.
Liz has seen the future, and NYC will be exactly the same as it is now.
Let’s see what the future is like, when it gets here.
Rome wasn’t built in a day, and neither was NYC.
The Roman Empire is no more, and NYC is looking like the Roman Empire when it began its decline.
The real question is, Who is going to be moving in?
The New York Stock Exchange is the prize.
We need them to move to Florida or Texas.
That would totally demoralize leftists/Democrats.
“Let us see where we are in NYC this time next year”
By then nyc will have had a name change to “New Mecca”
I’ll be fairly shocked if Mommygimme isn’t just Billy da’Blabio v2.0
Lots of empty promises that won’t be fulfilled. The hippies and hipsters expecting free groceries and free rent will get angry and sit home.
And life will go on as it has always done.
The author of this piece is basically espousing the “too big to fail” argument, i.e., NYC is so great and important blah blah blah that it doesn’t what kind of crazies run it, everything will be fine. Sorry, that’s only true over the very short term. Bad policies and demographic shifts can and will wreck things relatively quickly. Detroit proper was billed as “the wealthiest city in the world” in the 1950s. Within a couple decades, the town had declined badly. And by the early 2000s was a total basket case.
In early 1980s, the Soviet Union was still a superpower, by 1992, it was all over.
Next month.
that NYC has achieved some great things in culture, arts, theatre, museums, and finance...nobody can doubt
but most of these things can be moved or replicated elsewhere
and many of the people that built and maintain these great things are now under active threat in NYC
I hope NYC craters. Same as LA. BTW those data centers in middle of nowhere also mean have less change of being robbed, raped or murdered. That is until they vote to make it just like the toilet they left.
How naive can you get?
They aren’t going to say they are leaving until the day before they shut out the lights. The Wall Street guys aren’t uber rich because the are stupid.
They will not telegraph their move because they know the vindictive commies will hurt them any way they can while they are still in lower Manhattan.
Smart money says this time next year Wall Street will be almost half gone and the other half will packing up their stuff while figuring out how to break their leases.
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