Partnership for New York City chief Kathy Wylde is badly understating things when she calls this news \u201cscary.\u201d<\/p>\n
![\"\"](\"https:\/\/www.newsbeep.com\/us-ny\/wp-content\/uploads\/2025\/10\/2025-austin-texas-texas-gov-109639018-e1759252489800.jpg\")
Getty Images<\/p>\n
Plenty of other finance jobs have flown to Florida, North Carolina and other states; the day grows ever closer when the Big Apple, once the unrivaled financial services capital of America and the world, will become a finance backwater.<\/p>\n
The long trend predates COVID and even 9\/11; ever since the early 1960s, the city and state have been piling on new taxes, among a host of other sins of omission and commission that make New York City ever-less affordable and livable.<\/p>\n
Even the gains of the Giuliani and Bloomberg years only slowed Gotham\u2019s loss of ground relative to other parts of the nation. <\/p>\n
\t\t\tMore From\t\t\t\t\t\t\tPost Editorial Board<\/p>\n
And now the decline is starting to accelerate again: The city\u2019s financial-services sector shrank by 8,400 jobs from January through August of this year, after adding 6,400 in the same time period in 2024.<\/p>\n
Despite that, the industry is by far the most crucial single part of the entire tri-state economy; easily the top source of tax revenue for both the city and state. <\/p>\n
Indeed, local government is more dependent on Wall Street than ever \u2014 because other industries have already fled more completely.<\/p>\n
Consider: 128 Fortune 500 firms had their headquarters in New York in 1965; today it\u2019s down to about 50 \u2014 Texas beats us with 54, and even Florida has 22.<\/p>\n
Yet the state government is ever-more hostile to business of all kinds, and the city\u2019s on the verge of making a socialist its next mayor.<\/p>\n
Two years back, Texas Gov. Greg Abbott rang the closing bell at the New York Stock Exchange<\/a> to promote an index that tracks the stocks of Texas companies; visiting with The Post Editorial Board on that trip, he celebrated his state\u2019s zero personal and corporate income-tax rates, as well as its \u201creasonable and predictable\u201d regulatory environment.<\/p>\n \t\t\t\t\t\t\tGet opinions and commentary from our columnists\t\t\t\t\t\t<\/p>\n \n\t\t\t\t\t\t\tSubscribe to our daily Post Opinion newsletter!\t\t\t\t\t\t<\/p>\n \t\t\t\t\t\tThanks for signing up!\n\t\t\t\t<\/p>\n Gov. Kathy Hochul\u2019s response to Gov. Abbott\u2019s Wall Street foray? \u201cLet me be clear: I will not be taking advice from Greg Abbott,\u201d she huffed.<\/p>\n OK: Hochul actually said that in response to Abbott\u2019s advice on dealing with the migrant crisis at the time . . . but her actions then and since show every bit as much contempt for the Texas gov\u2019s economic-development approach.<\/p>\n For all her talk about making the Empire State more business-friendly, she\u2019s barely been able to fend off the Legislature\u2019s demands for major tax hikes \u2014 demands sure to grow as the state faces huge budget holes starting next year.<\/p>\n Yet the simply truth is that New York state needs to start slashing tax rates to remain competitive, whatever the cuts in state spending that requires.<\/p>\n And it needs more than the hesitant retreat Hochul\u2019s so far hinted at from its impossible \u201cclimate\u201d ambitions: Give up on the magical thinking<\/a> about windmills and solar farms; start embracing natural gas \u2014 not just new pipelines and new residential and commercial hookups, but fracking too.<\/p>\n Heck, Hochul just sent another terrible signal by endorsing Zohran Mamdani \u2014 and thereby making it harder to resist his socialist agenda in the likely event he becomes the next mayor.<\/p>\n Mamdani disdains billionaires<\/a> and vows to hike taxes on corporations, high earners and \u201cricher white neighborhoods<\/a>\u201d; his \u201caffordability\u201d agenda is all about slamming the private sector.<\/p>\n Defeating him in November would be a great start on putting New York back on the path of business-friendly growth; if the state doesn\u2019t start reversing course soon, it won\u2019t be long before the slow exodus becomes a stampede for the exits. <\/p>\n","protected":false},"excerpt":{"rendered":"New York is losing population, losing jobs and losing ground to the rest of the country \u2014 and…\n","protected":false},"author":2,"featured_media":7636,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8],"tags":[2345,304,6636,3415,1500,426,9,24,55,54,56,563,299,1777,3417,82],"class_list":["post-7635","post","type-post","status-publish","format-standard","has-post-thumbnail","category-new-york-city","tag-banking","tag-editorial","tag-greg-abbott","tag-jobs","tag-jpmorgan-chase","tag-kathy-hochul","tag-new-york","tag-new-york-city","tag-new-york-city-headlines","tag-new-york-city-news","tag-ny","tag-nyc-mayoral-election-2025","tag-opinion","tag-texas","tag-wall-street","tag-zohran-mamdani"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/posts\/7635","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/comments?post=7635"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/posts\/7635\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/media\/7636"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/media?parent=7635"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/categories?post=7635"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/tags?post=7635"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}