New York is losing population, losing jobs and losing ground to the rest of the country \u2014 and its leaders just don\u2019t seem to care.<\/p>\n
Start with last week\u2019s news that banking giant JPMorgan Chase now employs more workers in Texas<\/a> than in New York City; indeed the Lone Star State now has more bank employees than Gotham, period.<\/p>\n Partnership for New York City chief Kathy Wylde is badly understating things when she calls this news \u201cscary.\u201d<\/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":3,"featured_media":277659,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5122],"tags":[5229,8392,4691,5026,420,16672,5371,405,403,5226,5225,5228,5227,5341,1269,358,67,586,132,5230,68,2969,3642,5301],"class_list":{"0":"post-277658","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-new-york","8":"tag-america","9":"tag-banking","10":"tag-editorial","11":"tag-greg-abbott","12":"tag-jobs","13":"tag-jpmorgan-chase","14":"tag-kathy-hochul","15":"tag-new-york","16":"tag-new-york-city","17":"tag-newyork","18":"tag-newyorkcity","19":"tag-ny","20":"tag-nyc","21":"tag-nyc-mayoral-election-2025","22":"tag-opinion","23":"tag-texas","24":"tag-united-states","25":"tag-united-states-of-america","26":"tag-unitedstates","27":"tag-unitedstatesofamerica","28":"tag-us","29":"tag-usa","30":"tag-wall-street","31":"tag-zohran-mamdani"},"share_on_mastodon":{"url":"https:\/\/pubeurope.com\/@us\/115317115786672075","error":""},"_links":{"self":[{"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/posts\/277658","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/comments?post=277658"}],"version-history":[{"count":0,"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/posts\/277658\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/media\/277659"}],"wp:attachment":[{"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/media?parent=277658"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/categories?post=277658"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/tags?post=277658"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}