Tomorrow, we find out who the next mayor of New York City will be, and unless there is some major revelation within the next 24 hours, it is likely to be Zohran Mamdani.
Mamdani’s vision for New York City took a big hit over the last few days, however, as reports are blowing up about millions of people who plan to leave the city if he wins, and trust me, they are not the people looking for freebies.
Additionally, there is talk of some major Wall Street players looking to leave the city and head to Dallas and Y’all Street, the southern answer to the New York financial district.
A new poll by J.L. Partners has revealed that roughly 765,000 New Yorkers are set to flee the city if Mamdani wins this election.
In addition to those residents, more than two million more stated they would “consider” leaving New York City if Mamdani is elected. Seven percent of people making more than $250,000 per year said they are definitely out of the city if he wins.
If these people leave the city, where are the billions going to come from that Mamdani needs to carry out his agenda?
James Johnson said the quiet part out loud, “If anywhere near that number actually left, the economic impact would be seismic. Older New Yorkers, Staten Islanders, and white voters are the most likely to say they would pack up and go.”
If you live in or around the Dallas, Texas, area, which I do, you know how significant the financial industry is becoming in this area of the state.
Charles Schwab opened up a monster campus in Westlake, which is conveniently located near Southlake, Northlake, Fort Worth, Dallas, Roanoke, and Grapevine.
JP Morgan reportedly has more employees at its Plano campus than it has in New York City right now.
Goldman Sachs, Wells Fargo, and Deloitte have also been expanding operations in Texas, appearing to have read the writing on the wall several years ago. And in response, Dallas has accommodated them by expanding the city's answer to Wall Street -- Y’all Street.
Fortress Investment Group co-CEO Drew McKnight, who is a former Goldman Sachs employee, stated, “New York is still the financial capital of the US and one of the financial capitals of the world … But Texas can compete.” The name of the street may sound like a joke to New Yorkers, but Texas is working hard to steal business away from New York.
Currently, Dallas reportedly has about 384,000 jobs in the financial sector, second only to New York City. That could quickly flop, however, and it may already have. Kathryn Wylde, president and CEO of the Partnership for New York City, compiled data showing that Dallas is already ahead of New York City. According to her numbers, Dallas has the lead, 519,000 to 507,000 (as of 2024). I have a feeling those numbers are for the DFW metroplex, not just the city of Dallas, however. Regardless, Texas is clearly on the move in this sector.
McKnight stated, “Texas has made it really easy to do business and really easy to hire. It’s not just the tax regime -- it’s permitting, decision-making, and speed.”
If New York City loses the financial sector, it is doomed, to say the least. The only downside to this is the influx of New Yorkers moving to Texas, potentially turning the red state blue. Unfortunately, far too many who move here from liberal states often forget why they left their blue state, and they continue to vote as they have done in the past. I fear that while this is a boon for Dallas and the Lone Star State right now, ultimately, it will be what flips Texas over to Democrats.
