Dallas Mayor Eric Johnson predicts that big firms will leave the Big Apple on ‘Maria Bartiromo’s Wall Street.’
The president Donald Trump blasted plans to expand the New York Stock Exchange to Dallas, calling the move “unbelievably bad” for New York and a failure of the city’s leadership.
“Building the New York Stock Exchange in Dallas is an unbelievably bad thing for New York. I can’t believe they would let this happen,” Trump wrote in a Truth Social post. He also added that this step is “a big test” for the newly appointed mayor of New York, Zohran Mamdani.
Mamdani’s office did not immediately respond to FOX Business’ request for comment.
MAMDANI’S RISE IN NYC POINTS TO ECONOMIC PUZZLE TO THE SOUTH, STUDY SHOWS
New York Mayor Zohran Mamdani has put accessibility at the center of her campaign to run America’s largest city. (Photos by Adam Gray/Bloomberg/Getty/Getty)
Dallas Mayor Eric Johnson said the opening of the Texas stock exchange is “very good” for the city and the country.
“President Trump is right! New York City financial institutions moving to Dallas is not good for New York, but it is now inevitable,” Johnson told FOX Business in a statement.
“I’ve said it before and I’ll say it again: Dallas is America’s first socialist sanctuary city,” he added. “Our financial services sector has been steadily growing for years, and now business leaders from around the country—and especially in New York—clearly see that Dallas embodies the future of free enterprise and the American dream.”
Johnson previously told FOX Business that he expects to see more financial firms move from the Big Apple to the Lone Star State.
“New York has a mayor who openly hates entrepreneurs and wants higher taxes on those who create jobs,” said Johnson. “As a result, I predict an avalanche of Wall Street firms moving to Dallas.”
DALLAS MAYOR PREDICTS NYC FINANCIAL FINANCIAL GROWTH BELOW FRANKFURT
Aerial view of downtown Dallas on February 22, 2024 in Dallas, Texas. (Kirby Lee/Getty Images)
That trend is already being reflected in migration patterns across the country.
Texas and In Florida they have emerged as clear winners as businesses and citizens flock to low-tax, less-regulated states, while green-country leaders grapple with the financial and political consequences of capital flight.
Between 2012 and 2022, California recorded a net loss of more than 361,000 residents in Texas, which holds nearly $21 billion in taxable income.
The pattern is even more pronounced on the East Coast. During that time, more than 380,000 New Yorkers moved to Florida, taking an estimated $37 billion in taxable income.
WHY MAJOR FINANCIAL FIRMS ARE EXPANDING TEXAS PRESENCE BEYOND TRADITIONAL WALL STREET
The New York Stock Exchange said the planned expansion of Dallas, a fully electronic equities exchange, is intended to expand its footprint and better serve companies in the South and Southwest, not to replace its operations in New York.
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The new exchange, to be known as NYSE Texas, is expected to function as a hybrid of NYSE Chicago, allowing companies to list and trade shares electronically while maintaining a primary listing elsewhere.
In addition, Dallas also hosts the Texas Stock Exchange, which plans to begin trading in 2026.
Meanwhile, Nasdaq is also expanding its presence in the state, already listing more than 200 Texas-based companies.
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