Tipsheet

The Mass Exodus of New York's Wealthy Has Begun, and Mamdani's Response Is Infuriating

Amy Curtis
Amy Curtis  |  May 07, 2026 1:00 PM

Democratic tax policies always follow the same basic script: They tax the wealthy. The wealthy leave. Democrats increase taxes on the middle class and everyone else to make up for the revenue losses. Economic destruction follows.

That's going to happen in New York City, too, as Zohran Mamdani's "tax the rich" plans have prompted the start of a wealth exodus from the Big Apple.

Here's more:

Yet another major Wall Street firm is poised to expand outside New York City – the latest blow to the Big Apple’s tax coffers thanks to Mayor Zohran Mandani’s war on wealthy residents and businesses, The Post has learned.

Private equity giant Apollo Global Management, headquartered in Manhattan, has decided to open a new business hub — internally dubbed its “second headquarters” — in either Florida or Texas with an official decision likely to be made public in the coming weeks, people close to the matter say.

The new outpost could eventually become home to as many as 1,000 employees over time – in line with Apollo’s current headcount in New York, the sources said. The buyout firm currently employs more than 6,000 worldwide.

That's Marc Rowan, who is CEO of Apollo.

And Ken Griffin, the billionaire Mamdani specifically targeted, is moving jobs out of the city, too.

They're not alone. According to The New York Post, real estate tycoon Steve Roth, chairman of Vornado Realty Trust, called Mamdani “irresponsible and dangerous.” 

“I must say that I consider the phrase tax the rich — quote ‘tax the rich’ — when spit out with anger and contempt by politicians both here and across the country, to be just as hateful as some disgusting racial slurs, and even the phrase ‘from the river to the sea,’" Roth said.

They have every right to leave. Democrats think they're entitled to a billionaire's wealth, and will use the power of the state to confiscate it. So those billionaires wisely go where politicians won't rob them blind for wasteful, fraudulent "social welfare" programs and to prop up overpaid government jobs.

Despite this, Mamdani doesn't seem to care if they go.

"No regrets."

That should terrify all the New Yorkers who aren't billionaires. Because they're next in line for Mamdani's "tax the rich" scheme. Democrats know this, too. That's why California's billionaire tax, which will be on the ballot in November, has a provision that allows Democrats to apply the wealth tax to all Californians if the future. That means a lot of middle-class families will have to fork over five percent (or more) of their total wealth, including property value, to the government every year. With the median home price $854,000, that's a bill of at least $42,700 annually.

There's no reason to believe the same thing won't happen in New York. Mamdani will call it "fairness" and blame billionaires. But the fault will be his and his alone.