"When jobs go, revenue goes as well and the affordability problem gets worse," Fulop said. Apollo's move is a flashing warning sign: you can't dare businesses to leave and act surprised when they do.
The mayor's also been coy about delivering $1.7 billion in promised savings, saying New Yorkers might have to wait until late April for details. Fiscal hawks are livid. Wall Street execs warned this would happen: push tax hikes, lose firms, lose revenue, make affordability worse.
Mamdani's pitch: raise taxes on the wealthy and corporations, or NYC homeowners face a 9.5% property tax spike. He's framing a $5.4 billion budget shortfall as a crisis only higher taxes can solve. The property tax threat is largely dead — City Council won't bite — but the damage is done.
The move would gut NYC's tax base. Apollo expects most future hiring to happen in the new hub, not Manhattan. That's jobs, revenue, and economic activity walking out the door — exactly what happens when you "vilify employees" budget after budget, says Partnership for NYC CEO Steve Fulop.
Apollo's already polling partners and managing directors: Texas or Florida? Both have zero personal income tax, and both have already poached major firms. Citadel and Elliott Management fled to Florida. Goldman Sachs and JPMorgan planted flags in Texas. The exodus is real.
Apollo Global Management, a $900 billion asset manager, is shopping for a second US headquarters in the Sunbelt — and it's not about the weather. NYC's new mayor Zohran Mamdani is threatening corporate tax hikes and a 9.5% property tax increase, and Wall Street is calling his bluff by packing their bags.
6/6 🧵
"When jobs go, revenue goes as well and the affordability problem gets worse," Fulop said. Apollo's move is a flashing warning sign: you can't dare businesses to leave and act surprised when they do.
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5/6 🧵
The mayor's also been coy about delivering $1.7 billion in promised savings, saying New Yorkers might have to wait until late April for details. Fiscal hawks are livid. Wall Street execs warned this would happen: push tax hikes, lose firms, lose revenue, make affordability worse.
4/6 🧵
Mamdani's pitch: raise taxes on the wealthy and corporations, or NYC homeowners face a 9.5% property tax spike. He's framing a $5.4 billion budget shortfall as a crisis only higher taxes can solve. The property tax threat is largely dead — City Council won't bite — but the damage is done.
3/6 🧵
The move would gut NYC's tax base. Apollo expects most future hiring to happen in the new hub, not Manhattan. That's jobs, revenue, and economic activity walking out the door — exactly what happens when you "vilify employees" budget after budget, says Partnership for NYC CEO Steve Fulop.
2/6 🧵
Apollo's already polling partners and managing directors: Texas or Florida? Both have zero personal income tax, and both have already poached major firms. Citadel and Elliott Management fled to Florida. Goldman Sachs and JPMorgan planted flags in Texas. The exodus is real.
1/6 🧵
Apollo Global Management, a $900 billion asset manager, is shopping for a second US headquarters in the Sunbelt — and it's not about the weather. NYC's new mayor Zohran Mamdani is threatening corporate tax hikes and a 9.5% property tax increase, and Wall Street is calling his bluff by packing their bags.