Texas Governor Greg Abbott (R) is opening his state to New York businesses looking to relocate or expand in the wake of New York City Mayor Zohran Mamdani policies.
“Governor Abbott is proud to welcome businesses and job creators from across the country to Texas, where we have no state income tax, reasonable regulations, and a pro-growth environment that encourages free enterprise to flourish,” Abbott spokesman Andrew Mahaleris told The New York Post. “Punitive policies that target successful job-creating entrepreneurs only accelerate the trend of companies choosing Texas.”
JPMorgan Chase CEO Jamie Dimon recently acknowledged the migration of businesses and residents out of some states, writing in a shareholder letter, “You can already see a fairly large exodus of people and jobs out of some states with high taxes and high expenses,” Dimon wrote.
In January, Dallas Mayor Eric Johnson predicted an “avalanche” of financial firms would flee New York City if socialist-backed policies continue to advance under the city’s leadership.
The prediction appears accurate, as New York City lost 114,000 more residents to other U.S. cities than it gained in 2025, according to a new study from the Citizens Budget Commission. The report found that the population decline cut across every income bracket — low, middle, and high earners are all heading for the exits. The overall population decline in 2025 stems from two compounding forces: a 70% drop in the number of residents relocating to other parts of the country and a steep fall-off in international migration. Neither trend is showing signs of reversal.
