It’s easy to see how New York became a major financial and business hub. Early on, there was the harbor and the Erie Canal. Later, there were the railways, then the early adoption of telephone lines. But now, all that’s changing; those advantages have been wiped away by the Information Revolution, and New York’s state and the city’s municipal governments are growing ever more unfriendly to businesses and the people who work to make them successful.
On Tuesday, as I write this, it still looks like the Big Apple will be electing as mayor an outright Democratic Socialist – and if you read that as “Communist,” you won’t be far off the mark. Zohran Mamdani’s ideas and plans are spherically stupid; they are stupid regardless of which angle you view them from, and they will be catastrophic for New York’s economy, even if the people lining up to vote for Mamdani’s promised gravy train of free Schiff haven’t realized that.
The city has already seen an exodus of the financial and business sectors, and the New York City voters are going to the voting booths to hit the “Turbo” button on the city’s decline. A lot of these big financial companies are headed for greener pastures, and Dallas, Texas, is welcoming them in.
Several of the nation’s most prominent banks and financial institutions have built new campuses or increased their operational presence in Texas in recent years. The trend comes following many Americans’ relocations during the COVID-19 pandemic away from high-tax states like New York and California to those with lower tax and regulatory burdens.
The New York City mayoral election set to be held on Tuesday could factor into future decisions by financial firms regarding where to station their workforces. Critics of the policies advocated by Democratic nominee Zohran Mamdani, who identifies as a democratic socialist, have warned that his tax hike plans and other policies could incentivize businesses’ departures.
The five financial institutions mentioned here are Goldman Sachs, JPMorgan Chase, Wells Fargo, Charles Schwab, and Bank of America. Not exactly little Mom and Pop organizations.
Now, we note that these companies aren’t pulling out of New York altogether. They are described as “increasing their operational presence” in Texas, just as other businesses in other sectors are bailing out of blue states for red ones; not just Texas, but places like Tennessee and Florida, as well.
Read More: Fetterman Drops a Short, Savage Assessment of Socialism When Asked About Mamdani
If – perhaps when, Mamdani assumes office, how long will it be before Wall Street pulls out altogether?
We can’t blame Big Finance for bailing, except to the extent that the people working in the field voted for this, and who really should have known better. But these things start small, and balloon; now, with the election of Mamdani, the city may be about to enter a doom spiral, where the last few productive people move out. Oh, there will still be a city. The new New York’s population will fall broadly into two groups:
- A few wealthy elites who can afford to live under a Communist city government, and who likely have most of their fortunes safely stashed in Switzerland or the Cayman Islands
- The ones who voted for Santa Claus, to keep that supply of free Schiff they were promised.
On Wednesday morning, we’ll know if New York gets a reprieve – or if Wall Street will ramp up its departure. Good luck, New Yorkers! And if you’re thinking of moving northwest, sorry, Alaska is full.
Editor’s Note: The Schumer Shutdown is here. Rather than put the American people first, Chuck Schumer and the radical Democrats forced a government shutdown for healthcare for illegals. They own this.
Help us continue to report the truth about the Schumer Shutdown. Use promo code POTUS47 to get 74% off your VIP membership.
