Apollo Eyes The Exit As Mamdani Declares War On Wall Street

Apollo Global Management — a $900 billion asset manager — is plotting a second U.S. headquarters in the Sunbelt as New York’s democratic socialist mayor pushes to soak big business with tax hikes to plug a $5.4 billion budget hole. Leaders have already polled partners and managing directors on where they’d rather relocate their families and bonuses: Texas or Florida. Both have zero state income tax.

Steve Fulop, president and CEO of the Partnership for New York City, framed it bluntly: "The reality is that you can't propose budget that vilifies employees and them surpised when they dicide to go somewhere else."

Apollo isn’t just opening a satellite office. According to a statement from the firm, most future hiring will happen at second hub — not Manhattan. That’s not hedging. That’s a company telling New York it’s already lost the next generation of jobs.

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Apollo Global Management — a $???????????? ???????????????????????????? asset manager — is plotting a second U.S. headquarters in the Sunbelt as New York’s democratic socialist mayor pushes… pic.twitter.com/ygxq0Fx1g6

— M.A. Rothman (@MichaelARothman)March 29, 2026

Florida has already poached heavyweights like Citadel and Elliott Management. Goldman Sachs and JPMorgan are building out in Texas. The pattern is unmistakable — and Mamdani is accelerating it. He’s pushed Governor Hochul and the state legislature to hike corporate taxes and raise rates on the wealthy. When Albany didn’t move fast enough, he threatened homeowners with a 9.5% property tax increase —  a plan that arrived dead on arrival because even the City Council wouldn’t back it.

Meanwhile, Hizzoner was coy last week about how his administration plans to deliver on $1.7 billion in promised savings, telling New Yorkers they might have to wait until the executive budget drops in late April to see anything concrete. Translation: he has no plan.

Fulop’s closer was the sharpest line in the piece: "The crowd that keeps daring businesses to leave should treat this as a flashing warning sign. When jobs go, revenue goes as well and the affordability problem gets worse."

You can't tax what already left.