Texas Governor Greg Abbott is courting Wall Street firms as criticism grows over New York City Mayor Zohran Mamdani’s rhetoric toward wealthy business leaders and billionaire CEOs.

The political clash has sharpened concerns about New York City’s business climate, especially among financial firms weighing taxes, regulation and long-term expansion plans.

Texas Sells Low-Tax Business Climate

Abbott’s office said Texas remains open to companies seeking a lower-tax, pro-growth environment. The state has no personal income tax and has repeatedly promoted itself as a destination for corporate headquarters and financial-sector jobs.

The pitch comes as Texas has already gained ground in finance employment. Partnership for New York City data showed Texas had about 519,000 financial-sector workers in 2024, compared with New York’s 507,000.

Mamdani-Ken Griffin Dispute Fuels Debate

The controversy widened after billionaire Citadel CEO Ken Griffin criticized a Mamdani-backed video using his Manhattan penthouse to promote a proposed tax on secondary luxury residences. Griffin called the move “creepy,” while warning that hostile political messaging could push investment away from New York.

JPMorgan Chase has also become part of the broader debate after reports showed the bank now employs more workers in Texas than in New York, reinforcing fears that financial jobs are steadily shifting south.

Why It Matters for NYC

Business leaders argue the issue is not only about one tax proposal, but about confidence. If top firms expand more aggressively in Texas, Florida and other lower-tax states, New York could face pressure on jobs, tax revenue and its status as America’s financial capital.

Former New York Governor David Paterson also criticized rhetoric aimed at wealthy employers, warning that civic and business leaders must work together to keep companies invested in the city.