The shock of Democratic Socialist Zohran Mamdani’s election as New York City’s next mayor has rippled through the nation’s financial establishment.
Elected on a platform to “democratize capital,” raise taxes on the wealthy, and rein in corporate real estate and private equity, Mr. Mamdani has signaled that his administration will seek to remake the city’s economic order.
To Wall Street, that message landed like a warning shot.
In boardrooms from Midtown to Lower Manhattan, executives are already weighing their options — and many are heading south.
Dallas, with its low taxes, light regulation, and aggressively pro-business leadership, has emerged as the top destination for displaced capital and talent. Long an energy hub, the Dallas–Fort Worth metroplex has spent the past decade reinventing itself as a national finance center, and Mr. Mamdani’s victory may have just sealed its rise as “Y’all Street.”
Nestpoint’s John Thomas on the Policy Divide
Nestpoint Group’s managing director and co-founder, John Thomas, tells The New York Sun that Dallas’s rise is no accident:
“As the founder of Nestpoint, a Dallas-based finance and government affairs firm that successfully relocated from California amid similar policy shifts, I’ve seen firsthand how progressive tax hikes, anti-public safety policies, and a broadly anti-business tone can devastate a region and drive companies to flee.”
He highlighted the stark contrast in political direction between New York and Texas:
“On the very day New York City elected a socialist mayor, Texas voters enshrined permanent tax cuts and reductions in the state constitution… Mamdani’s agenda doesn’t just tax success — it punishes it.”
A Twin Engine of Growth: NYSE Texas and TXSE
Two major exchanges are accelerating Dallas’s ascent:
NYSE Texas
Intercontinental Exchange announced plans to launch NYSE Texas, a fully electronic equities exchange headquartered in Dallas, following regulatory approval to reincorporate and rename NYSE Chicago.
Texas Stock Exchange (TXSE)
Launching in 2026, the TXSE — backed by major U.S. investment firms — has secured SEC approval and aims to compete directly with NYSE and Nasdaq. It will cater to midsize and growth-oriented companies seeking a friendlier regulatory environment.
Corporate Migration South
The infrastructure supporting Dallas’s rise has been building for years:
- Charles Schwab relocated its HQ to Westlake.
- Goldman Sachs is building an 800,000 sq ft Dallas campus (5,000+ employees).
- JPMorgan Chase employs more workers in Texas than in NYC (31,000 in Texas, 18,000 in DFW).
- Wells Fargo opened a 22-acre Dallas campus for 4,500 employees.
- Bank of America is constructing a 30-story tower opening in 2027.
- Coinbase announced it will reincorporate in Texas.
DFW now employs more finance workers than Chicago or Los Angeles, second only to New York City.
Why Dallas Works
John Thomas notes Dallas’s aggressive infrastructure development:
“We’re seeing massive infrastructure investment, like the ongoing expansion of DFW Airport — already larger than Manhattan in land mass.”
On recruiting:
“No state income tax, larger homes, Sun Belt weather, safe streets… a government focused on potholes, not ideology.”
Expert Views: “Y’all Street” Still Early
Financial risk expert Dennis Santiago cautions that the TXSE is still in early phases:
“Money is politically agnostic. Execution efficiency is paramount.”
He emphasizes that Wall Street’s deep multi-state infrastructure prevents any short-term exodus.
A Broader Realignment
Dallas’s growth is part of a larger national shift. Since 2020:
- 400,000+ people have moved to the DFW metroplex.
- Developers have invested over $1 billion in new commercial real estate.
- Private equity and venture firms are shifting deal teams to Dallas for time-zone and cost advantages.
Texas’s identity has evolved from oil and ranching to a diversified innovation-driven economy.
The Road Ahead
Competing cities — Miami, Washington, D.C., London, Frankfurt, Paris, Dubai — are watching Dallas’s rise closely.
DFW Airport’s global connectivity strengthens Dallas’s position as a financial hub. For many executives, the question is no longer if Dallas can rival New York — but how quickly.
John Thomas predicts:
“By the end of the decade, Dallas could rival Manhattan as the preferred destination where deals get done.”
He also argues that TXSE is part of a larger national rebalancing:
“The NYSE’s fees are prohibitively high for growing companies… This restricts capital access for the very businesses that need it most.”
Thomas concludes that culture may be the biggest differentiator:
“Texas is not just open for business — it’s the best place to deploy risk capital, raise a family, scale a workforce, and operate without interference.”
Hollie McKay
War and humanitarian correspondent; author of
Only Cry for the Living, Afghanistan: The End of the U.S. Footprint, and The Dictator’s Wife.
www.nysun.com/article/wall-street-to-yall-street-dallas-rise-as-americas-new-financial-capital-gets-boost-frommamdani-win
