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NewsThe Daily WireMay 7, 2026United States

Business Leaders Consider Relocating from NYC Amid New Policy Proposals

Several major financial firms are exploring relocation to states like Florida and Texas following the election of Mayor Zohran Mamdani. The Mayor has proposed new taxes on high-value second homes and other policies that business leaders suggest are influencing their decisions to expand operations outside of New York City.

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Why It Matters

The potential relocation of major financial firms could impact New York City's tax revenue and employment, with estimates suggesting a loss of over $168 million in annual tax revenue and 2,500 financial sector jobs.

Key Facts

  • Mayor Zohran Mamdani has proposed a 'pied à terre' tax on second homes valued over $5 million.
  • The Partnership for New York City estimates Mamdani's proposed policies could cost the city over $168 million in annual tax revenue.
  • The Partnership for New York City estimates a potential loss of 2,500 financial sector jobs.
  • Apollo Global Management paid $1.062 billion in income taxes in 2024 and $1.276 billion in 2025.
  • Apollo Global Management CEO Marc Rowan is scouting office locations in Florida and Texas.
  • Citadel LLC CEO Ken Griffin announced plans to expand in Florida, citing the Mayor's 'pied à terre' tax proposal as a factor.
  • Ken Griffin previously relocated part of Citadel from Chicago to Miami in 2022.

Who's Mentioned

personZohran Mamdani“Mayor of New York City”personJohn Ketcham“Senior Fellow at Manhattan Institute”dollar_amount$168 million“Estimated annual tax revenue loss”organizationCitadel LLC“Hedge fund”dollar_amount$1.062 billion“Income taxes paid by Apollo in 2024”dollar_amount$1.276 billion“Income taxes paid by Apollo in 2025”personMarc Rowan“CEO of Apollo Global Management”organizationManhattan Institute for Policy Research“ he said.Griffin and Rowan aren’t likely to be the only two considering escape, ”organizationApollo Global Management“Private equity firm”organizationPartnership for New York City“Pro-business group”personKen Griffin“CEO of Citadel LLC”