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 Manageme…
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 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. Cops make horrifying discovery at California home of sicko accused of recording families at his vacation mansion Oil heir ordered to pay historic $1.1B after brutally attacking toddler stepson, putting him in wheelchairFlorida 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.In February, Mamdani gave Gov. Kathy Hochul a stunning ultimatum: raise taxes on the wealthy or New York City homeowners will face a 9.5% property tax increase.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.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.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. Cops make horrifying discovery at California home of sicko accused of recording families at his vacation mansion Oil heir ordered to pay historic $1.1B after brutally attacking toddler stepson, putting him in wheelchairTaylor Swift avoids awkward run-in with ex John Mayer at Paul McCartney’s LA concertIn February, Mamdani gave Gov. Kathy Hochul a stunning ultimatum: raise taxes on the wealthy or New York City homeowners will face a 9.5% property tax increase. Stream It Or Skip It: 'Jo Nesbø's Detective Hole' On Netflix, Where A Troubled Detective Tracks Down A Serial Killer Who Is Terrorizing Oslo
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