Mamdani PANICS After Huge Companies LEAVE New York!!!

Wall Street is fast becoming a ghost town and that's not even remotely an exaggeration. In the past six months, one Fortune 500 company after another has packed up, left town, and headed south. JPMorgan Chase now has more employees in Texas than in Manhattan. But here's what's really terrifying the people in City Hall. This isn't about a few companies.

This is about the entire financial ecosystem abandoning ship. And it's all happening even before their ultra-woke socialist mayor takes office. Hey gang, it's me, Dr. Steve, your patron professor. I hope you're having a wonderful week in the lead up to Christmas. It's so exciting. And I've got a last minute Christmas idea for you.

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Since 2005, New York has gone from hosting 125 Fortune 500 companies to hosting just 50 today. New York has lost an astonishing 60% of its Fortune 500 companies in just the last two decades. Meanwhile, Texas now has 54 Fortune 500 companies and that number is climbing. Florida has 22 and as a result the financial services sector, the lifeblood of New York's economy, is hemorrhaging jobs. In the first half of this year alone, from January to August, the financial services sector lost 8,400 jobs. In that same time frame last year, it gained 6,400. So that's a 15,000 job swing

in the wrong direction. JPMorgan Chase employs nearly 32,000 people in Texas as compared to 24,000 in New York. Let that sink in. The company that defines Wall Street has more people in Texas than in Manhattan. But what makes all of this even more astonishing is that this Democrat-induced disaster was happening before New Yorkers voted in Zoran Mamdani this past November. Mamdani, of course, ran on a Democratic Socialist platform promising to raise taxes on corporations and wealthy New Yorkers. And so, since November, the corporate exodus that's been devastating New York for the last two decades has only accelerated.

It's being reported that relocation attorneys in the state of Florida are reporting an unprecedented surge in inquiries. Corporate filings data obtained by Florida news outlets revealed that multiple New York companies filed relocation paperwork in just the weeks following Mamdani's election.

In fact, they're calling it the Mamdani migration. It's an unprecedented number of left UGs, both residents and businesses, and they are officially leaving the state and they are not coming back. This isn't about culture, it's not about geography anymore, it ain't about weather.

It's about money, bottom line, basic brutal economics. Now if you don't know, New York's top personal income tax rate is 10.9%. It's the third highest in the nation. But it's even worse if you live in the city. There you're going to pay an additional 3.9% New York City taxes. That means a high earner pays nearly 15% of their income to the state and to the city. That's on top of federal income tax. A person earning $200,000 per year

pays approximately $13,000 more in taxes to New York than they would in Florida. That's $13,000 annually that could be reinvested, saved, or spent in the economy, except it's all going to Albany and City Hall. For businesses it's even starker. A company with $1 million in profits faces a corporate tax rate of 6.5% New York, sometimes higher with additional business taxes.

In Florida, the corporate tax rate is 5.5% with zero state income tax. According to analyses, a firm moving from Manhattan to Boca Raton could save approximately $7.5 million annually on taxes, rent, and labor costs, a 22.5% reduction. And Wall Street professionals are acutely aware of this. Here's what's already keeping the mayor elect awake at night, all right? Every company that leaves New York City, everyone takes what's already keeping the mayor-elect awake at night, all right? Every company that leaves New York City, everyone, takes what's called a multiplier effect with

it. So, J.P. Morgan's 32,000 employees in Texas, they don't just reduce Manhattan's direct tax base. Those 32,000 workers, they're not eating lunch at Manhattan restaurants. They're not paying rent on Manhattan apartments. They're not shopping at Manhattan stores.

They're not using Manhattan's subway system. And as a result, commercial real estate in New York is collapsing. Manhattan office vacancy rates have been climbing for years and the exodus is accelerating that decline. Lower occupancy means lower property tax revenue. Exactly what the city needs more of, especially if Mandomini is going to keep all them promises.

But because corporations and wealthy individuals are leaving, the ripple effects are being felt everywhere. Service providers from law firms, consultancies, tech vendors, accounting firms, they're all facing reduced demand. They're all either going to have to downsize or inevitably they're going to follow their clients south.

And as a result, the economic doom loop only intensifies. Now, New York officials have been panicking over this even before Mamdani. They've been rolling out incentives, you know, tax breaks, subsidized rent, streamlined permits. But none of it is working. Executives view these as, frankly, Band-Aids on a structural wound.

The real issue isn't a lack of incentives. view these as frankly band-aids on a structural wound.

The real issue isn't a lack of incentives, it's the overall business climate. It's horrible. It's the fact that you now have a radical socialist mayor-elect who claims that businesses and billionaires are the real enemy, they're the real criminals, and he promises to punish them.

Why on earth would you stick around for that? And Governor Greg Abbott of Texas, he ain't helping New York's cause. Just a couple of months back, he literally rang the closing bell at the New York Stock Exchange to celebrate Texas's zero personal and corporate income tax rates and reasonable and predictable regulatory environment, as they call it. New York officials like Governor Hochul actually doubled down.

They remained defiant. They said, we're not taking business advice from Greg Abbott. Okay, but the joke's on them. That defiance might have played well at a far-left political rally, but every CEO watching that exchange got the message, New York is hostile to business while Texas openly welcomes it with open arms.

Bottom line, this is beyond politics now. This is economic triage. New York lost its relevance, its relative dominance, decades ago. But for years the city limped on, you know, sustained by Wall Street wealth. That era is over.

Between 2017 and 2022 alone, 125,000 New Yorkers moved to Florida, taking $9.2 billion in annual income with them. And with the Mamdani migration only getting started, that exodus is only going to get worse. The question is no longer whether New York will decline, the question is how fast, and whether that decline becomes irreversible. Until then, the next

chapter of New York's economic story is certainly being written, but not in New York. It's being written in Texas and Florida and red states throughout the nation and unfortunately for Mamdani, those states are winning. And they're winning big. Do you want to ask me your biggest questions and maybe win free merch while you're at it? Well, join my courageous Patriot Club

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