July 8, 2025

Florida Business Groups Target NYC Executives Amid Tax Concerns

News Summary

Florida business groups are reaching out to executives in New York City due to concerns over mayoral candidate Zohran Mamdani’s proposed tax increases. The Florida Council of 100 issued a letter emphasizing the uncertainties Mamdani’s policies create for the NYC business community. Boca Raton’s Mayor is also engaging with NYC executives to discuss potential relocations to Florida. Meanwhile, Florida’s economic growth outpaces New York, further attracting businesses to the state as concerns grow over Mamdani’s tax proposals.

Florida business groups are actively courting executives from New York City amid concerns stemming from mayoral candidate Zohran Mamdani’s proposals, which could impose significant tax increases on businesses. The Florida Council of 100, a prominent business organization in the state, issued an open letter highlighting worries about the uncertainty that Mamdani’s ascendancy in the Democratic primary has created for the business community in New York.

Mamdani emerged victorious in the primary, campaigning on a platform that includes a proposed $9 billion increase in corporate taxes designed to fund various social programs, including free city buses and municipal childcare services. However, these proposals currently face substantial hurdles, as they require approval from New York’s state legislature and Governor Kathy Hochul, who has expressed her opposition to the tax hikes.

The Florida Council of 100, which includes influential figures such as Stephen Ross, chairman and CEO of Related Companies, underscored that “uncertainty is the enemy of sound decision-making.” This statement reflects growing concerns among businesses regarding Mamdani’s policies. In response, leaders from the Florida business community are reaching out to New York executives, suggesting that Florida may offer a more stable business environment.

In this context, Boca Raton Mayor Scott Singer is reportedly engaging with New York City executives to discuss potential relocations to Florida as anxiety around Mamdani’s policies grows. Palm Beach County officials have already taken proactive measures by sending hundreds of relocation packets to NYC executives and initiating ad campaigns that brand the region as “Wall Street South,” indicating a strategic push to attract businesses and talent from New York.

Highlighting Florida’s strong economic position, the Florida Council of 100’s letter pointed out that the state’s budget is $115.1 billion, which supports over 23 million residents and maintains more than $13 billion in reserves. In contrast, New York operates with a $254 billion budget for a smaller population of fewer than 20 million residents. This stark contrast illustrates Florida’s more restrained government spending compared to New York’s fiscal policies.

Since 2019, Florida has experienced a remarkable 26.3% increase in its real gross domestic product, outpacing all other states and almost double the national growth rate. Furthermore, over 3 million new businesses have launched in Florida during this period, with more than 634,000 openings reported in 2024 alone. Future hiring plans are optimistic, with approximately half of Florida CEOs indicating they intend to hire more employees in the coming six months. This unemployment growth prospect significantly exceeds hiring expectations in other states, where only about a quarter of CEOs share that outlook.

In the face of Mamdani’s ambitious proposals, Florida Governor Ron DeSantis has publicly expressed concerns that these tax policies could trigger a mass exodus of businesses and residents from New York to Florida, further enhancing the competitive edge of Florida’s economy. Critics of Mamdani’s campaign, including DeSantis, have branded his policies as extreme and warned of the potential negative impacts on the business environment in New York.

Mamdani’s platform also includes plans that would increase taxes on wealthier neighborhoods to alleviate the tax burden on poorer communities, a move that has sparked debate and raised alarms among business leaders. As Mamdani prepares for the upcoming election this November, where he faces incumbent Mayor Eric Adams, the business climate in New York remains in flux, with many looking towards Florida as a beacon of pro-business opportunities and stability.

As the situation evolves, both states will continue to navigate these critical economic discussions, with Florida positioning itself as an attractive alternative amid New York’s shifting political and economic landscape.

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Author: STAFF HERE JACKSONVILLE WRITER

JACKSONVILLE STAFF WRITER The JACKSONVILLE STAFF WRITER represents the experienced team at HEREJacksonville.com, your go-to source for actionable local news and information in Jacksonville, Duval County, and beyond. Specializing in "news you can use," we cover essential topics like product reviews for personal and business needs, local business directories, politics, real estate trends, neighborhood insights, and state news affecting the area—with deep expertise drawn from years of dedicated reporting and strong community input, including local press releases and business updates. We deliver top reporting on high-value events such as the Jacksonville Jazz Festival, Riverside Arts Market, and World of Nations Celebration. Our coverage extends to key organizations like the Jacksonville Chamber of Commerce and JAXUSA Partnership, plus leading businesses in logistics, healthcare, and entertainment that power the local economy such as CSX Corporation, Baptist Health, and VyStar Credit Union. As part of the broader HERE network, including HEREOrlando.com, HEREStPetersburg.com, HERETallahassee.com, and HERETampa.com, we provide comprehensive, credible insights into Florida's dynamic landscape.

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