A major Wall Street powerhouse is weighing a southern escape as New York City\u2019s new mayor talks about soaking big business with taxes, according to a report published Sunday.<\/p>\n
Apollo Global Management, a $900 billion asset manager, is plotting a second US headquarters in the Sunbelt just as Mayor Zohran Mamdani pushes to hike taxes on deep pocketed corporations, according to a report<\/a> in the Financial Times.<\/p>\n Steve Fulop, president and CEO of the Partnership for New York City, a business lobby group, framed Apollo\u2019s move as a natural reaction to an increasingly unfriendly business climate in the Big Apple.<\/p>\n \u201cThe reality is that you can\u2019t propose budget after budget that vilifies employees and then be surprised when they decide to go somewhere else,\u201d Fulop told The Post. <\/p>\n Apollo\u2019s New York City office is located at 9 West 57th Street. Brian Zak\/NY Post<\/p>\n Apollo leaders have already quizzed partners and managing directors on where they\u2019d rather move their families and bonuses \u2014 Texas or Florida \u2014 sources told FT.<\/p>\n Both red states have no personal income tax in addition to the warm weather.<\/p>\n Florida has already lured heavyweights like Citadel and Elliott Management, while Goldman Sachs and JPMorgan are hunkering down in Texas.<\/p>\n Apollo expects most of its future hiring to be in the second hub rather than Manhattan, according to a statement from the firm.<\/p>\n Marc Rowan is the chief executive officer of Apollo Global Management. AFP via Getty Images<\/p>\n The move would be a slap to New York City, where Apollo has long enjoyed a cushy perch overlooking Central Park on West 57th Street.<\/p>\n In February, Mamdani gave Gov. Kathy Hochul a stunning ultimatum: raise taxes on the wealthy or New York City homeowners will face a\u00a09.5% property tax increase. Getty Images<\/p>\n Mamdani has cast a projected $5.4 billion budget shortfall in the city budget as a crisis that can only be fixed with more taxes to build revenue.<\/p>\n The democratic socialist has pushed Gov. Kathy Hochul and state lawmakers\u00a0to increase the corporate tax and hike\u00a0taxes on rich<\/a> \u2014 and he\u2019s even threatened to up the city property taxes 9.5% <\/a>if the state doesn\u2019t act.<\/p>\n Property taxes wouldn\u2019t need state approval, but the plan appears largely dead on arrival due to lack of buy-in from the City Council.<\/p>\n