Megan Mauro of the Texas Business Association tells Fox News Digital that low taxes. light regulation are key drivers of business migration to the Lone Star State.
EXCLUSIVE:Dallas MayorEric Johnsonblasted New York City’s leadership for "punishing success" and joined Gov. Greg Abbott in pitching Texas as a place where Wall Street firms can hang their hats.
His pitch for "Y’all Street" over Wall Street comes as a steady stream of financial firms have in recent years expanded operations in Texas. They were drawn there because of the lower taxes. fewer regulations, a trend Johnson says is accelerating even more under New York City MayorZohran Mamdani.
The trend toward moving big business out of big blue cities has the potential to redraw the map of American finance, determining which jurisdictions capture high-paying jobs, investment, tax revenue. influence.
The Republican mayor ofDallastold Fox News Digital that the latest clash between City Hall. Wall Street heavyweights only reinforces his concerns.
CHICAGO KNOWS WHAT HAPPENS WHEN KEN GRIFFIN TURNS ON A CITY — NOW MAMDANI MAY FIND OUT
Several of the nation’s largest banks. financial institutions have expanded their presence in Texas in recent years, adding momentum to the rise of "Y’all Street."(Rick T. Wilking/Getty Images)
"The recent back-and-forth between Mayor Mamdani. Ken Griffin exemplifies exactly what I have been saying publicly for some time: New York City, under its current leadership, does not believe in rewarding success," Johnson said.
"New York Citybelieves in punishing success," he told Fox News Digital, adding that Dallas, by contrast, embraces successful companies. the leaders who built them.
The clash between Mamdani. Griffin has quickly become a flashpoint in the broader debate over New York's economic direction, with the Citadel founder warning that tax hikes, anti-business rhetoric and crime risk are pushing firms out.
The feud intensified after Mamdani posted a viral video outside Griffin’s condo promoting his plan to tax second homes in NYC worth more than $5 million.
NYC GROCERS SOUND ALARM ON MAMDANI’S SUPERMARKET PLAN: "WE’LL LOSE CUSTOMERS
New York City Mayor Zohran Mamdani placed affordability at the center of his campaign to lead America's largest city.(Kyle Mazza/Anadolu)
The dispute highlights a growing rift between New York City's progressive agenda. the financial sector that has long powered the entire state's economy — a divide only sharpened by Mamdani’s push for higher taxes on corporations and top earners.
Experts warn that this. along with expanded DEI initiatives,rent freezesand tighter regulations, risk driving businesses away from the center of the world's financial markets.
Texas has already emerged as a major destination for firms in recent years, with companies likeGoldman Sachsexpanding their footprint in Dallas. JPMorgan Chase growing its workforce across the state.
Meanwhile, the Texas Stock Exchange is preparing to launch in Dallas to rival legacy markets. At the same time. theNew York Stock Exchangeand Nasdaq are expanding into the state — underscoring the Lone Star State's rise as a financial powerhouse.
The state’s broader economic strength has also been a draw for outsiders.
Texas reported arecord $24 billion budget surplusin 2025, reinforcing its reputation as a fiscally stable, business-friendly environment.
Texas' success story gives Republicans a clear example to argue that low taxes, light regulation. strong energy production deliver real economic advantages, not just population churn.(Jacek Boczarski/Anadolu)
Johnson argued Dallas is not just benefiting from the trend, it’s helping lead it.
"Dallas’s pro-businesses approach is fueling this shift," Johnson said. adding that "Y'all Street" is emerging as a major center for financial services.
"Instead of demonizing those who have achieved the American dream. we embrace our local business leaders as partners in building a better city, a city of genuine opportunity for everyone."
Amanda covers the intersection of business and politics for Fox News Digital.
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