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 ...
that NYC has achieved some great things in culture, arts, theatre, museums, and finance
At one time, that was Detroit.
Yup—many of the wealthier Wall Street types either rent or own second homes in Florida so they can make a move without attracting much notice.
They can gradually move office functions out of state—month by month—without big fanfare—and in a year they are done.
The key is that they will not renew any leases going forward.
yes, also it was Chicago at one time.
and even to a degree, Philadelphia and Saint Louis.
I think everybody I know in Texas hopes Liz is right. Most born and raised Texans will be deliriously happy to see New York Liberals stay in New York.
Who cares, just stay, don’t come to NC.
I thought the same thing.
It’s always amusing when Satanists tell Christians what Christianity is about.
Start spreadin’ the news...
This is brilliant!
Y’all Street is opening in Dallas early 2026.
Great…stf up there in your s***hole city and state!
A hot real estate market in NY doesn’t necessarily mean people aren’t leaving. There are many other hive minded people who want to live in NY and especially Mamdani’s NY.
“Sorry, that’s only true over the very short term.“
Mamdani is going to want a cut of any money flowing thru NY. And that cut ain’t gonna be a small cut…
THE REALTORS SAY DIFFERENT
"JPMorgan Chase now employs more workers in Texas than NY - top city biz advocate calls it ‘scary’ development" by Carl Campanile
https://nypost.com/2025/09/29/us-news/jpmorgan-chase-now-employs-more-workers-in-texas-than-ny-top-city-biz-advocate-calls-it-scary-development/
Florida. We have an aquifer under the whole state. Some fintech companies have already relocated here. I live a few miles from Wiregrass in Pasco county which is where some Fintechs have moved to. And no income tax!
In order for there to be available commercial property, a business had to shut down or relocate. Of course, the property could’ve just been languishing awhile, but how long will all these new businesses or additions to established ones afford the taxes that will be raining down upon them in the near future?
NYS has lost almost half its House seats over the last 60 years.
People have been escaping from New York for decades.
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