Dallas Mayor Pitches 'Y'all Street' to Firms Fleeing NYC's $5 Million Home Tax Push
Updated
Updated · Fox News · May 13
Dallas Mayor Pitches 'Y'all Street' to Firms Fleeing NYC's $5 Million Home Tax Push
1 articles · Updated · Fox News · May 13
Eric Johnson used a fresh clash between New York Mayor Zohran Mamdani and Citadel founder Ken Griffin to argue Dallas is a safer home for finance, saying New York now "punishes success."
Mamdani's proposal to tax second homes worth more than $5 million has become a flashpoint in a wider fight over higher taxes, tighter regulation, rent freezes and anti-business rhetoric in New York.
Texas is already gaining from that shift: Goldman Sachs has expanded in Dallas, JPMorgan Chase has added jobs across the state, and the Texas Stock Exchange is preparing a Dallas launch.
A 2025 budget surplus of $24 billion has strengthened Texas' pitch that low taxes and lighter regulation can pull high-paying financial jobs, investment and influence away from traditional blue-city hubs.
As Wall Street giants migrate south, is New York City's financial dominance facing an irreversible decline?
Is Texas's low-tax model building a financial capital or just sowing the seeds for a future crisis?