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Megan Mauro of the Texas Business Association tells Fox News Digital that low taxes and light regulation are key drivers of business migration to the Lone Star State.
EXCLUSIVE: Dallas Mayor Eric Johnson blasted 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 and fewer regulations, a trend Johnson says is accelerating even more under New York City Mayor Zohran 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 and influence.
The Republican mayor of Dallas told Fox News Digital that the latest clash between City Hall and 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 and 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 and 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 City believes in punishing success,” he told Fox News Digital, adding that Dallas, by contrast, embraces successful companies and the leaders who built them.
The clash between Mamdani and 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 and 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 freezes and 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 like Goldman Sachs expanding their footprint in Dallas and 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 the New York Stock Exchange and 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 a record $24 billion budget surplus in 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 and strong energy production deliver real economic advantages, not just population churn. (Jacek Boczarski/Anadolu)
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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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This material may not be published, broadcast, rewritten, or redistributed. ©2026 FOX News Network, LLC. All rights reserved. Quotes displayed in real-time or delayed by at least 15 minutes. Market data provided by Factset. Powered and implemented by FactSet Digital Solutions. Legal Statement. Mutual Fund and ETF data provided by LSEG.
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