Major Wall Street Firm Weighs Southern Relocation Amid NYC Tax Threats

Apollo Global Management considers second headquarters in low-tax states as Mayor Mamdani pushes for higher corporate and personal taxes.

Mar. 29, 2026 at 8:19pm

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Apollo Global Management, a major Wall Street asset management firm, is reportedly considering establishing a second headquarters in a low-tax southern state like Texas or Florida as New York City's new mayor, Zohran Mamdani, threatens to raise corporate and personal taxes to address budget shortfalls. The move would be a blow to New York City, where Apollo has long been headquartered.

Why it matters

This story highlights the growing tensions between the business community and progressive politicians in New York City. As Mamdani pushes for higher taxes on corporations and the wealthy, major financial firms are weighing whether to relocate to more tax-friendly environments, potentially costing the city jobs and tax revenue.

The details

According to the report, Apollo Global Management, a $900 billion asset manager, is exploring opening a second headquarters in the Sunbelt region, likely in either Texas or Florida, which have no personal income tax. This comes as Mayor Mamdani has threatened to raise corporate taxes and hike property taxes by 9.5% if the state does not act to increase taxes on the rich. Apollo leaders have already surveyed partners and managing directors on where they would prefer to relocate their families and bonuses.

  • On March 29, 2026, the report about Apollo's potential relocation was published in the Financial Times.
  • In February 2026, Mayor Mamdani gave Governor Hochul an ultimatum to raise taxes on the wealthy or face a 9.5% property tax increase in New York City.

The players

Apollo Global Management

A $900 billion asset management firm that has been headquartered in New York City.

Zohran Mamdani

The new mayor of New York City who has pushed for higher taxes on corporations and the wealthy to address budget shortfalls.

Steve Fulop

The president and CEO of the Partnership for New York City, a business lobby group, who framed Apollo's potential move as a reaction to an increasingly unfriendly business climate in New York City.

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What they’re saying

“The reality is that you can't propose budget after budget that vilifies employees and then be surprised when they decide to go somewhere else.”

— Steve Fulop, President and CEO of the Partnership for New York City

“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.”

— Steve Fulop, President and CEO of the Partnership for New York City

What’s next

Apollo expects most of its future hiring to be in the second hub rather than Manhattan, according to a statement from the firm. The move would be a significant blow to New York City's status as a financial hub.

The takeaway

This story highlights the growing tensions between the business community and progressive politicians in New York City. As the city faces budget shortfalls, the mayor's push for higher taxes on corporations and the wealthy is prompting major financial firms to consider relocating to more tax-friendly environments, potentially costing the city jobs and tax revenue.