A major Wall Street powerhouse is weighing a southern escape as New York City’s new mayor talks about soaking big business with taxes, according to a report published Sunday.
Apollo Global Management, a $900 billion asset manager, is plotting a second US headquarters in the Sunbelt just as Mayor Zohran Mamdani pushes to hike taxes on deep pocketed corporations, according to a report in the Financial Times.
Steve Fulop, president and CEO of the Partnership for New York City, a business lobby group, framed Apollo’s move as a natural reaction to an increasingly unfriendly business climate in the Big Apple.
“The reality is that you can’t propose budget after budget that vilifies employees and then be surprised when they decide to go somewhere else,” Fulop told The Post.
Apollo leaders have already quizzed partners and managing directors on where they’d rather move their families and bonuses — Texas or Florida — sources told FT.
Both red states have no personal income tax in addition to the warm weather.
Florida has already lured heavyweights like Citadel and Elliott Management, while Goldman Sachs and JPMorgan are hunkering down in Texas.
Apollo expects most of its future hiring to be in the second hub rather than Manhattan, according to a statement from the firm.
The move would be a slap to New York City, where Apollo has long enjoyed a cushy perch overlooking Central Park on West 57th Street.
Mamdani has cast a projected $5.4 billion budget shortfall in the city budget as a crisis that can only be fixed with more taxes to build revenue.
The democratic socialist has pushed Gov. Kathy Hochul and state lawmakers to increase the corporate tax and hike taxes on rich — and he’s even threatened to up the city property taxes 9.5% if the state doesn’t act.
Property taxes wouldn’t need state approval, but the plan appears largely dead on arrival due to lack of buy-in from the City Council.
Meanwhile, Hizzoner has angered fiscal hawks last week by being coy about how his administration will deliver on $1.7 billion in savings he promised. He also said New Yorkers may have to wait till the end of April — when the mayor’s executive budget is due — to see the savings proposed.
Wall Street execs have long warned that firms would bolt if Mamdani pushes through higher personal and corporate taxes to plug budget gaps and boost social spending.
“The crowd that keeps daring businesses to leave should treat this as a flashing warning sign. When jobs go, revenue goes as well and the affordability problem gets worse,” Fulop said.
