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 ...
More foreign parasite scammers/fraudsters no doubt...
RE: NY Stock Exchange
NYC gets a tax revenur for every sale.
I’ll bet you a dollar that Liz voted for Mamdani.
And I’ll bet you another dollar that she primarily voted for him because she thinks that he is ‘Just Dreaammyy’
More New London I’m thinking
Except for Wells Fargo, Chase Bank, Goldman Sachs, and Charles Schwab. Imagine all the corporate and personal taxes that were paid in NYC that will no longer be there.
The people who will be moving to NYC are criminals and muslims.
Capitalists will be leaving creating a huge deficit in their tax base.
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