New York City's newly elected Mayor Zohran Mamdani is prompting some prominent business figures to consider shifting operations elsewhere. Apollo Global Management and Citadel are among those exploring expansions in Florida and Texas.
Apollo Global Management CEO Marc Rowan has started building a presence in Florida while scouting office sites in Miami, Palm Beach and Austin, Texas. The firm paid more than $1 billion in income taxes in 2024 and 2025 combined.
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Mayor Zohran Mamdani presented a balanced budget for New York City on Wednesday after securing state aid and revenue measures. The plan avoids increases to income, corporate, and property taxes.
JPMorgan Chase CEO Jamie Dimon cautioned in his annual shareholder letter that excessive taxes could prompt companies to relocate from New York City. He highlighted his firm's shift, now employing more staff in Dallas than at its New York headquarters. Dimon framed the issue as economic necessity amid rising costs.
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New York City Mayor Zohran Mamdani has begun enforcing stricter rules on gig companies through lawsuits and settlements.