Wall Street giant Apollo aims to open ‘second headquarters' outside NYC — in latest fallout from Mamdani's war on the wealthy

• Apollo is scouting office space in Miami, Palm Beach, and Austin for a hub that could eventually house 1,000 employees out of its 6,000+ global workforce
• The decision comes after Mayor Mamdani's 'war on the wealthy,' including confronting Citadel CEO Ken Griffin outside his penthouse to promote higher taxes on the rich
• Florida and Texas offer no state income tax and pro-business policies, while New York faces a $5 billion budget deficit and proposals for increased corporate taxes

Summary

Apollo Global Management is preparing to open a "second headquarters" outside New York City, with a decision expected in the coming weeks between locations in Florida (Miami or Palm Beach) or Texas (Austin). The private equity giant, led by billionaire CEO Marc Rowan, plans to eventually house up to 1,000 employees at the new hub—matching its current NYC headcount. Apollo employs over 6,000 globally.

The move represents mounting backlash against NYC Mayor Zohran Mamdani's policies, which business leaders view as anti-business. Mamdani recently promoted a "pied-a-terre tax" on second homes valued above $5 million and is pushing for increased state and city corporate taxes to address a $5 billion budget deficit. His video stunt outside hedge fund billionaire Ken Griffin's Manhattan penthouse—calling it "creepy" and "frightening"—has particularly alarmed executives.

Citadel's Griffin announced similar plans to reconsider his firm's $6 billion Park Avenue office tower expansion, potentially shifting resources to Miami instead. JPMorgan now employs more people in Texas than New York despite its Manhattan headquarters.

Apollo informed employees in March that future growth would occur in the second headquarters, stating "New York does not have a monopoly on talent." The Partnership for New York City characterized this as "a troubling pattern" requiring urgent pro-business policy changes.

Florida and Texas offer competitive advantages including zero state income tax and lower corporate taxes. Florida Governor Ron DeSantis mockingly called Mamdani "realtor of the year" for driving wealth and businesses southward.

Market Implications: The trend signals potential long-term tax revenue losses for NYC and accelerating financial sector migration to tax-friendly states, potentially impacting commercial real estate values and municipal finances.