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Posted on 08/21/2026 4:40:59 AM PDT by DFG
Morgan Stanley has picked Dallas for a major expansion of its banking empire outside New York City — accelerating Wall Street’s migration to Texas following the election of Mayor Zohran Mamdani, The Post has learned.
The financial giant plans to relocate up to 4,800 jobs to the state by 2031, passing over Alpharetta, Georgia, according to municipal filings reviewed by The Post. The firm will anchor a new $1.3 billion, 709,000-square-foot skyscraper in the fast-growing Texas metropolis known to financiers as “Y’all Street”.
The Wall Street behemoth led by CEO Ted Pick — which began exploring options outside the Big Apple earlier this year following the election of the Big Apple’s socialist mayor — had been weighing the new regional hub against Alpharetta, where it already has 3,000 employees.
But in June, the Dallas City Council approved incentives including an $18.5 million grant tied to specific hiring benchmarks and a 10-year, 90% property tax abatement — and Morgan Stanley has since plowed ahead with the project, public filings show.
The city’s 15-member Plan Commission quietly rubber-stamped final approval on Aug. 6 for the bank to mount 366.3-square-foot illuminated exterior signs on the Fountain Place tower downtown, following a preliminary sign committee vote in July, filings show. They clearly list the bank as a tenant.
Demolition crews also began clearing a former Gold’s Gym on McKinney Avenue last week to make way for the permanent skyscraper.
“This is the latest in what should be a wake-up call for City Hall,” said Steve Fulop, CEO of the pro-business Partnership for NYC.
(Excerpt) Read more at nypost.com ...
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F ISLAMamdani
NYC real estate has always been way overpriced, but it held up because people believed in the city and its future. What’s going to happen to real estate once people stop believing in the city’s future?
They won’t stop believing.
They’re depending on Congress writing them a check.
They’re waiting Trump out.
NYC is fast becoming a dystopian hellhole.
Mamdani will soon be selling Soylent Green is his city owned grocery stores.
Moving from NYC to MosqueLand, Texas.
go mamdani go!!!
More Hindus than Muslims where I’m at.
Most of those employees don’t live in NYC anyway, so it won’t hurt his re-election chances.
Big difference between people who live in NYC and people who work in NYC.
If Gotham would vote for this, why does Deep State have to steal its elections?
What about the $$$ spent on lunch, dinners, etc, going out on Thursday or Friday nights, etc???
What about the shops they spend $$$ in for Christmas, bday’s, etc???
What about the commuting $$$ paid to get into work which keeps the MTA, always on life support, alive??
That’s a lot of revenue NYChitty relies on...
Mogadishu on the Hudson.
That’s a lot of revenue NYChitty relies on...
They are counting on a Federal Bailout (and they’ll probably get it)
Socialists aren’t interested in cities, it’s all a means to an end to bring Socialism nationwide.
“The firm will anchor a new $1.3 billion, 709,000-square-foot skyscraper”
That’s nearly $2,000/square foot.
Federal Bailout??? Won’t be happening any time soon....
“What’s going to happen to real estate once people stop believing in the city’s future?”
Imagine if say a NYC landlord was only able to get $2,700 a month for an apartment now fetching $5,000 a month.
That would be $2,300 a month less rent money coming in with costs likely to have risen.
There won’t be enough money to pay for maintenance.
To get rental costs lower and keep the buildings functioning, the landlords’ costs have to get reduced.
All going to plan for the commies.
“Federal Bailout??? Won’t be happening any time soon....”
Probably it’s going to be as soon as February 2027.
The Democrats are likely to take over Congress in January 2027.
Trump won’t veto a NYC bailout bill. Trump knows where NYC gets a lot of tax revenue from.
10-to-1 that’s not going to happen....
First, Mamdani is simply accelerating a trend that has been happening for several decades. Wall Street’s “back office” has been moving out of New York City since the 1990s. First to New Jersey but then to places like Florida and Texas. The definition of “back office” kept expanding since the 1990s until its now obvious that the front office is moving too.
Second, I’ve said it before and I’ll say it again. Texas is going to find a way to screw this up. More specifically, the Texas legislature. The Texas Republicans in the legislature are a bunch of moderates who are going to see all that money and want to get their hands on some of it.
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