A Florida business coalition is ramping up efforts to recruit New York City chief executives, seizing on tax concerns and unease over left-wing policy proposals in Albany. The push, discussed on The Big Money Show this week, highlights a deeper fight over where jobs and investment will land as companies reassess costs and political climate.
The campaign targets New York firms worried about higher taxes and new regulations linked to Assemblymember Zohran Mamdani and other democratic socialists. Organizers pitch Florida’s lack of a personal income tax, lighter regulatory load, and growing finance and tech hubs in Miami and West Palm Beach. The plan arrives as migration data show Florida gaining workers and income while New York copes with persistent outflows.
Why CEOs are listening
Panelists said the message is simple: Florida promises predictable costs and fewer layers of city and state taxes. New York’s combined state and local income taxes remain among the nation’s highest, while Florida levies no personal income tax and charges a relatively low corporate rate.
“Plans to lure New York City CEOs to the Sunshine State to avoid Zohran Mamdani’s socialist policies.”
Executives heard a warning that tax hikes or tougher rules could push high-earners and companies out. Advocates for relocation point to recent moves by financial firms toward South Florida. They argue the region now has enough talent, office space, and airports to support headquarters and trading floors.
The policy backdrop in New York
Mamdani, a Democratic Socialist representing Queens, has backed measures that shift costs toward the wealthy and financial sector while boosting tenant protections and public services. Supporters say those ideas address inequality and the high cost of living. Critics contend they risk accelerating the loss of high-income taxpayers and employers.
New York has struggled with population and income outflows since 2020. Census data show Florida leading the nation in net domestic migration, while New York ranks near the top for departures. IRS figures have recorded billions of dollars in adjusted gross income shifting from New York to Florida in recent years.
Florida’s pitch—and its trade-offs
Florida boosters tout a growing business community, especially in Miami, Palm Beach, and Tampa. They emphasize lower taxes, fewer local levies, and a regulatory climate they describe as friendlier to growth. They also note the rise of private equity, hedge funds, and family offices across South Florida, along with new office towers and improvements to regional transit.
But the move is not without challenges. Insurers have raised premiums sharply due to extreme weather risk, and commercial real estate costs in prime neighborhoods continue to rise. Some companies still rely on New York’s deep talent pool, proximity to clients, and the density of professional services that remain hard to replicate.
- Pros: No personal income tax, lower overall tax burden, growing finance and tech ecosystems, expanding flight routes.
- Cons: Rising insurance costs, hurricane risk, competition for specialized talent, potential relocation and retention hurdles.
Competing visions for growth
On the show, panelists outlined competing arguments. Backers of the Florida effort framed it as a defensive move for shareholders and employees.
“If tax and regulatory costs rise, CEOs have to protect their companies. Florida is making that decision easier,” one panelist said.
New York advocates counter that public investment funded by higher earners supports schools, transit, and safety—factors that companies also value. They argue that reforms proposed by progressive lawmakers are designed to make the city more livable for workers, which can help employers in the long run.
Some executives may try a hybrid approach, keeping core operations in New York while adding teams in Florida. Others could opt for a full headquarters move, as several high-profile firms have done from other cities. The decision will likely hinge on taxes, labor needs, and the ability to maintain culture and collaboration across offices.
What to watch next
Business groups in Florida plan to escalate outreach through roadshows, targeted meetings, and testimonials from recent transplants. New York lawmakers face pressure to balance social goals with economic competitiveness. Any new tax proposals, changes in commercial leasing, or shifts in public safety metrics could sway undecided CEOs.
Executives considering a move will look for clear math and operational gains. Key checks include after-tax compensation, insurance and real estate costs, recruiting pipelines, and client access. As one panelist put it, the calculus is simple even if the move is not: weigh the full cost of staying against the real cost of leaving.
The recruitment push highlights a broader contest over where high-paying jobs will grow. For now, Florida’s pitch is loud and targeted, while New York’s answer will be measured in policy choices and the staying power of its talent and institutions.
