NEW YORK — A wave of high-profile companies has accelerated its departure from New York in 2026, citing soaring taxes, burdensome regulations and a shifting political climate under Mayor Zohran Mamdani as key drivers behind the ongoing business exodus to lower-cost Sun Belt states like Florida and Texas.

Visitors at the Statue of Liberty
AFP / Kena Betancur

While New York City remains the nation's financial capital, data shows nearly 5,000 businesses left the city in recent periods, with thousands more scaling back or relocating operations entirely. The trend, building for years, intensified following Mamdani's election and inauguration, prompting warnings of a broader "avalanche" or "flood" of departures.

Here are 10 significant companies or major financial players that have relocated headquarters, established substantial new operations outside New York, or significantly downsized their New York footprint in or around 2026, drawn from corporate announcements, filings and industry reports.

  1. Elliott Management — The activist hedge fund, long based in Manhattan, relocated significant operations and talent to Florida as part of the "Wall Street South" migration. Like several peers, it sought no state income tax and a more business-friendly environment.
  2. AllianceBernstein — The global asset manager moved key functions and personnel out of New York, contributing to the drain of high-paying finance jobs. The firm joined others shifting toward southern hubs amid concerns over rising costs.
  3. Citadel — Ken Griffin's massive hedge fund has expanded aggressively in Florida, with reports of co-headquarters or major operational shifts away from traditional New York bases. The move aligns with a pattern of elite funds diversifying southward.
  4. Goldman Sachs — While maintaining a strong New York presence, the investment banking giant is building an 800,000-square-foot, $500 million campus in Dallas set to open in 2028 and consolidate over 5,000 employees. Goldman now employs thousands more in Texas than in New York in certain counts, signaling a clear pivot.
  5. JPMorgan Chase — The banking powerhouse now employs more workers in Texas (31,000) than in New York (24,000), despite opening a gleaming $3 billion Park Avenue headquarters. The shift highlights how even Wall Street titans are spreading operations to lower-tax states.
  6. Charles Schwab — The brokerage giant has been cited among firms whose departures or expansions elsewhere have contributed to New York losing thousands of high-paying jobs and associated tax revenue.
  7. Apollo Global Management — The $900 billion asset manager, founded and long headquartered in Manhattan, is exploring or establishing a second U.S. headquarters in the Sun Belt — with Austin, Miami or Nashville on shortlists. Officials indicated most future growth would occur at the new location rather than New York.
  8. Wells Fargo — In early 2026, the bank announced it was moving its wealth and investment management division to West Palm Beach, Florida, becoming the first major U.S. bank to base that business there. The relocation drew attention as a milestone in the southward shift.
  9. Elliott Management (expanded note) and peers like Point72, Millennium and others in the hedge fund space have followed similar paths, with Florida attracting over 250 financial firms or expansions in the Palm Beach area alone in recent years.
  10. Starwood Capital (and related real estate/finance players) — Barry Sternlicht's firm signaled consideration of relocation or significant shifts following the political changes, joining a chorus of real estate and investment voices eyeing friendlier climates.

The list reflects a broader pattern rather than 10 complete headquarters shutdowns in a single year; many firms adopt "dual headquarters" or heavy expansion models while shrinking or freezing New York growth. IRS data from earlier periods showed 892 companies left New York between 2020 and 2024, taking $47 billion in income, with Florida capturing 341 of those moves.

Industry analysts and officials point to several factors. New York's high corporate and personal income taxes, combined with elevated operating costs, commercial rent pressures and regulatory hurdles, have made southern states attractive. Florida and Texas boast no state income tax, lighter regulations and aggressive economic development campaigns.

Dallas Mayor Eric Johnson predicted a "flood" or "avalanche" of finance firms leaving New York if Mamdani's policies — including proposed tax hikes — take hold. "What was already a trickle is going to turn into a flood," he said in early 2026 interviews.

Florida officials reported a surge in inquiries after Mamdani's victory. One relocation attorney said calls from New York companies jumped five- to 10-fold, with dozens filing to expand or fully relocate in short order. Palm Beach County has marketed itself heavily as "Wall Street South."

New York City's Economic Development Corporation report highlighted the net loss: while thousands of new businesses opened, far more closed or departed, contributing to a challenging fiscal picture. Moody's even shifted the city's financial outlook to negative amid budget concerns.

The departures carry significant economic weight. Finance and related professional services employ hundreds of thousands in New York and generate billions in tax revenue. Losing high earners and corporate headquarters threatens that base, with ripple effects on real estate, retail and services.

Critics of the exodus narrative argue New York retains unmatched talent pools, global connectivity and cultural cachet that will keep it dominant. Some firms, like American Express, continue investing with new skyscraper plans at the World Trade Center. Yet even optimistic voices acknowledge competitive pressures from Sun Belt metros.

For companies, the math often favors relocation. Lower costs for talent, office space and taxes can translate to higher margins and easier recruitment of workers seeking affordable living. Remote and hybrid work models have made partial moves more feasible.

Not all moves are full headquarters relocations. Many involve shifting back-office, technology or wealth management functions while keeping front-office trading or client-facing teams in Manhattan. Still, the cumulative effect drains jobs and revenue.

State and city leaders have pushed back. Gov. Kathy Hochul and others have highlighted infrastructure investments and incentives to retain business. Yet reports of continued outflows persist.

The trend echoes national patterns. Texas has gained hundreds of headquarters since 2018, while California and New York metros have seen net losses. Corporate America increasingly votes with its feet for lower-tax, pro-growth environments.

Looking ahead, observers expect the pace to continue if tax proposals advance or regulations tighten. Real estate experts note rising interest in southern markets from New York-based executives and firms.

For New York, the challenge is balancing its progressive policy goals with economic competitiveness. Supporters of Mamdani argue investments in services and equity will ultimately strengthen the city; detractors warn of a vicious cycle of higher taxes on a shrinking base.

As of late March 2026, the full impact of 2026 moves is still unfolding. Corporate filings and employment data will provide clearer tallies in coming months.

One thing is clear: the narrative of New York exceptionalism is being tested by the practical decisions of major companies seeking greener — and cheaper — pastures.

The 10 profiled here represent only the most visible examples in finance and asset management. Smaller firms and non-finance businesses have also contributed to the roughly 5,000-business loss cited in recent reports.

Economists will watch closely whether the exodus accelerates or stabilizes. For now, Florida and Texas leaders are rolling out the welcome mat, while New York grapples with how to stem the tide.