“Don’t let Mayor Mamdani drive you away!”
Key figures in New York are racing to prevent affluent tycoons from escaping the city with their wealth, companies, and countless jobs, amid growing concerns that Mayor Zohran Mamdani’s policies will exacerbate New York’s leading position in the national wealth exodus.
The high-profile announcements by Citadel’s CEO, Ken Griffin, and Apollo Global Management’s leader, Marc Rowan, to expand their operations beyond New York City have been accompanied by a quieter trend of companies discreetly retreating from the city due to its unwelcoming business climate, sources revealed to The Post.
This rising trend of business departures has spurred Andrew Murstein, the founder of Medallion Financial Corp., to initiate a movement he calls Operation Boomerang, aiming to entice disgruntled business leaders back to the city’s vibrant hub.
“I’m personally investing $1 million,” Murstein explained. “I have strong faith in New York City and its rich traditions.
“This is just my contribution. It’s only a small start. I plan to use it as a springboard to generate more funds,” he mentioned, predicting that he might amass around $20 to $30 million.
Mamdani’s outspoken “tax the rich” stance long inspired concerns that fat cats would rather get out of Dodge than live under a socialist mayor.
But those concerns erupted into panic when Mamdani used Griffin’s swanky $238 million Midtown penthouse as a backdrop in one of his trademark slick social media videos — a stunt the hedge fund titan called “creepy.”
Former mayor and newfound Albanian Eric Adams stepped into the fray by personally lobbying Griffin to reconsider his decision to withdraw from New York City. He sent a simple message on X to Griffin and other business leaders: “Stand your ground.”
Alarm over the exodus has even reached City Hall, where officials are looking for ways to tamp down Mamdani’s rhetoric.
“The mayor’s office is feeling pressure around this and they are looking for ways to change the narrative around business,” a city business leader who asked not to be named told The Post.
“They’re in a pickle because he’s hearing all the business leaders are looking for exit strategies now and Mamdani needs money and needs to keep his base happy.
“This might be an inflection point because NYC is already a welfare state supported by very few people at the top who can leave,” the leader added.
Even before Mamdani, the Empire State has steadily watched its standing as a business haven slip.
New York lost $660 billion in economic growth over the past decade, leading all 50 states, according to economic data from the Committee to Unleash Prosperity.
Red states, particularly Florida and Texas, have started to scoop up disaffected New York residents and businesses.
A huge exodus unfolded during the pandemic as New York City residents fled skyrocketing cost-of-living and high taxes, data from state Comptroller Thomas DiNapoli’s office shows.
City residents represented 71.5% of the state’s entire out-migration in 2020, according to the data.
New York City lost 114,000 more residents to other US cities than it gained, according to the Citizens Budget Commission.
The sunny, business-friendly climate of Florida has already caught Griffin’s eye, while other financial titans are finding they can’t mess with Texas.
The Lone Star State has surpassed the Empire State when it comes to financial sector employment, with a total of 519,000 employees, compared with New York’s 507,000, according to data from the non-profit Partnership for New York City.
JPMorgan Chase already has more employees in Texas than in New York – where the Big Apple is at risk of losing its crown as the center of the global financial industry.
The loss of Wall Street business could deal a major blow to New York City’s finances, which are buoyed by taxes on bonuses from the sector.
Average Wall Street bonuses hit a record $49.2 billion last year – but still fell short of the projections in Mamdani’s 2026 city budget proposal that was counting on a 15% bump, according to state data.
Steve Fulop, president of the Partnership for New York City, said Mamdani should’ve watched his step, given how much the city depends on business revenue to keep it afloat.
“The challenge right now is that an anti-business narrative is hardening and while some in the far-left political base may embrace an anti-business sentiment, the mayor knows that the city’s success is actually tied to positive job creation and growth because those link to affordability,” he said.
Many business leaders have quietly opted to flee, eschewing the more public exits that Griffin and Rowan took, one insider said.
“They aren’t telling people, they just do it,” the business insider said. “New York City has become so hostile. For cities, it’s a problem because they are just gone.”
One prominent corporate honcho who requested anonymity said Mamdani hasn’t done anything to repair the damage with the business community after his Griffin stunt.
“The problem is Mamdani has not apologized to Griffin, nor has there been an attempt to make peace,” the honcho said.
“Florida and Texas are getting a critical mass of business and exiles from New York. There’s an environment now where others may follow.”
But it doesn’t appear that Mamdani or his uneasy Democratic Party ally Gov. Kathy Hochul are publicly mending fences.
Hochul’s spokesperson Jen Goodman brushed off Griffin’s and Apollo executive’s concerns, contending New York businesses are just fine under Mamdani.
“Business in New York City is booming, and that’s no coincidence,” Goodman said.
“The city offers unmatched talent, access to every major industry and service, and unparalleled opportunities for growth. No other city in the world offers what New York has and our business sector will continue to thrive, just as it has for centuries.”
Mamdani’s press secretary Joe Calvello said the mayor wants all New Yorkers to succeed.
“That includes business owners and entrepreneurs who create good-paying jobs and make this city the economic engine of America,” he said. “It also includes Ken Griffin, who is a major employer in our City and a powerful figure in our economy. That does not negate the fact, however, that our tax system is fundamentally broken. It rewards extreme wealth while working people are pushed to the brink.”
Murstein, who previously offered $6 million to keep the Central Park Boathouse afloat, hopes his Operation Boomerang will rekindle some civic pride from New York ex-pats.
The campaign will send New York hot dogs, bagels and Katz’s Deli to businesses that went down to Florida to lure them back, Murstein said. He also wants famous New Yorkers to join the pitch.
“The last 10 years with mayors and governors, those things pass, and they should be in it for the long run,” he said. “I’m trying to convince them not to abandon ship. Whatever it takes.
“Everyone is coming down to South Florida, but it’s not the same.”
— Additional reporting by Carl Campanile
