DALLAS — Dallas Mayor Eric Johnson said Monday that the city is prepared to attract Wall Street firms leaving New York under the policies of newly sworn-in Mayor Zohran Mamdani, and suggested Texas could overtake New York as the nation’s top financial hub.
Johnson, a Republican, cited Mamdani’s campaign proposals to increase taxes on high earners and expand government control over housing, groceries, and childcare as factors that could encourage financial firms to relocate. He said Dallas has offered economic incentives, including tax breaks and grants, to firms such as JPMorgan Chase, Goldman Sachs, Wells Fargo, and Scotia Bank.
Dallas is now the second-largest financial services hub in the U.S., having added more than 100,000 finance jobs over the past decade. Johnson said the city expects the pace of financial-sector growth to increase as companies consider moving from New York.
The mayor highlighted Dallas’ lack of a state income tax, lower property rates, and pro-business policies as advantages for attracting firms. He pointed to major projects, including Goldman Sachs’ planned $700 million campus in Dallas, which is expected to employ 5,000 people when completed in late 2027.
Johnson also noted that federal rules from the Securities and Exchange Commission apply to firms nationwide, but said Dallas offers a more favorable environment for employees, including lower living costs, strong schools, and safe neighborhoods.
Mamdani, 34, was sworn in as New York City mayor on Jan. 1 and has pledged policies including rent freezes and tax increases for wealthy residents. Johnson said those policies, along with previous discussions of a transaction tax in Albany, have prompted interest from New York-based financial firms in relocating to Texas.
