Texas Governor Greg Abbott is encouraging businesses from New York City to consider relocating or expanding into Texas. This comes after NYC Mayor Zoran Mamdani criticized billionaire hedge fund manager Ken Griffin for being wealthy.
“Governor Abbott is happy to welcome businesses and job creators from around the country to Texas, where there’s no state income tax, sensible regulations, and a pro-growth environment that supports free enterprise,” said Andrew Maharelis, a spokesperson for Abbott.
“Policies that punish entrepreneurs who create jobs will only drive more companies to Texas,” Maharelis added.
Interestingly, Texas has already surpassed New York in financial sector employment, boasting about 519,000 jobs compared to New York’s 507,000, as reported by the nonprofit Partnership for New York City.
Notably, JPMorgan Chase has more staff in Texas than in New York, which raises questions about NYC’s continued status as a global financial center.
Abbott has actively highlighted New York’s business leaders while sending over 100,000 migrants to New York City and other liberal cities during a challenging border crisis. He pointed out that Texas border towns are overwhelmed, and that cities governed by Democrats aren’t addressing the issue effectively.
The potential loss of Wall Street businesses could significantly affect New York City’s economy, which relies heavily on taxes generated from the financial sector’s bonuses.
Mamdani, who identifies as a democratic socialist, stirred controversy among business circles with his promotion of a new tax aimed at second homes, showcased in a slick social media video featuring Griffin’s $238 million penthouse. Griffin himself called the promotion “creepy.”
Adding fuel to the fire, Griffin along with Marc Rowan of Apollo Global Management have hinted at expanding beyond New York City. Many companies are reportedly “quietly leaving” the city amid a tough business climate.
Some White House advisors see Mamdani’s anti-business stance as something that could help Republicans keep the presidency after Trump. “Don’t block your enemy’s mistakes,” a White House insider shared.
A Republican connected to New York mentioned that people are already eyeing real estate in Dallas and Miami.
Former Democratic Governor David Patterson accused Mamdani of attacking successful job creators and expressed a desire to assist the business community in countering Mamdani’s detrimental actions.
Patterson was critical of Mamdani’s background, suggesting it reflects poor judgment. He also noted that he had spoken with a mix of individuals, both Democrats and Republicans, to ensure the city’s future leadership doesn’t sabotage its resources.
Patterson emphasized the necessity for business and civic leaders to unify and safeguard tax bases and job creation. “This is a remarkable city,” he stated. “After facing various challenges, it’s time for leaders to demonstrate effective guidance.”
Furthermore, Patterson sympathized with Griffin, remarking that Mamdani’s actions come off as humiliating, especially when displayed in front of Griffin’s residence. He criticized Mamdani and his supporters for having a disdain for the successful, questioning their motives for such attitudes.
“What’s the jealousy about?” he asked. “It’s not a productive way to think…” He also remarked that disparaging comments about wealth can incite anger, prompting the wealthy to consider leaving. “I hope they don’t do that,” he concluded.
Mamdani’s office has yet to respond to requests for comments on these matters.
