Staff ReportsTexas just turned up the welcome mat. Governor Greg Abbott’s office openly invited wealthy New Yorkers and their businesses to relocate after New York City’s new mayor pushed a pied‑à‑terre “tax the rich” message that named a high‑profile penthouse. The governor’s press shop said Texas offers no state income tax, fewer regulations, and a pro‑growth climate — and finance leaders like Citadel’s Ken Griffin fired back at the mayor, saying the stunt pushed them to expand outside Manhattan.
Abbott rolls out the red carpet
This was not a hint or a passive Tweet. Governor Greg Abbott’s press secretary told national outlets: “Governor Abbott is proud to welcome businesses and job creators from across the country to Texas, where we have no state income tax, reasonable regulations, and a pro‑growth environment that encourages free enterprise to flourish.” That’s plain talk aimed at people who run firms, hire workers, and pay taxes. It’s smart politics, and it’s smart policy for a state that wants jobs and investment.
The mayor’s pied‑à‑terre push and the backlash
Mayor Zohran Mamdani used a Tax Day social‑media video to promote a pied‑à‑terre levy aimed at ultra‑luxury second homes. He even singled out a Midtown penthouse as an example. The clip drew loud reactions — Ken Griffin, founder and CEO of Citadel, called the move “creepy and weird” and signaled his firm will keep expanding operations outside New York. When the people who run big firms feel targeted, they don’t stay silent. They move capital and people.
Why this matters: jobs, revenue, and the great sorting
This isn’t just political theater. Data and reporting show a real shift: financial‑sector jobs and offices have been growing in Texas, and a major analysis found Texas now has a larger number of financial‑services employees than New York on some measures. That matters because a targeted tax on the wealthy could raise less revenue than promised if families and firms relocate. Cities that punish success shouldn’t be surprised when success walks out the door.
Call it what you want — political posturing or the free market at work — but incentives drive decisions. Texas made a public sales pitch and reminded would‑be movers that the tax code and business climate matter. New York leaders should ask whether symbolic stunts are worth the risk of losing jobs, taxpayers, and clout. For now, the message from Austin is simple: if you want to keep your business and your money, Texas is open for business — and it’s asking nicely.
