Concerns are mounting among New York business leaders that Mayor Zohran Mamdani’s aggressive rhetoric toward wealthy residents and major corporations could drive companies and jobs out of the city, potentially putting billions of dollars in economic activity at risk.

New figures obtained by The Post from the Partnership for New York City show that the organization’s 300 member firms in the corporate and financial sectors support nearly one million jobs across the city, contribute $13.5 billion annually in taxes, and generate roughly $370 billion in yearly economic output.

The analysis warns that even modest slowdowns in business growth could have severe financial consequences for the city, especially if wealthy residents and major employers begin relocating operations elsewhere amid fears of higher taxes and an increasingly hostile political climate.

“The numbers don’t lie,” said Steve Fulop, the business group’s president and CEO.

“New York’s private sector has invested billions and created hundreds of thousands of jobs. You can only treat job creators like the enemy for so long before they stop creating jobs here. The far left can run on socialism all day, but cities run on tax revenue — and tax revenue requires businesses that actually want to be here.”

Anxieties within the financial world intensified this week after billionaire hedge fund executive Ken Griffin announced that his firm, Citadel, would expand staffing in Miami instead of New York.

Griffin reportedly blamed the decision on Mamdani’s recent social media campaign promoting a tax on luxury second homes, during which the mayor highlighted Griffin’s $238 million penthouse apartment as an example of extreme wealth.

The backlash from Wall Street extended beyond Griffin. Financial executive Marc Rowan is also reportedly moving ahead with plans to establish a new major office hub for Apollo Global Management in either Florida or Texas, two states that have increasingly attracted businesses leaving New York.

Citadel and Apollo are both major players in New York’s financial industry, which according to the Partnership’s figures supports nearly 10% of all private-sector jobs in the city.

The report found that financial services led all industries in employment growth during 2025, posting a 3% increase.

If that pace continues, the Partnership estimates that its member firms alone could account for approximately 10,000 additional jobs, $8.4 billion in tax revenue, and $247 billion in GDP annually by 2030.

The study also warned that a relatively small reduction in growth — just 10% — could still result in the loss of about 3,000 jobs, a decline of $168 million in tax revenue, and a $4.8 billion reduction in GDP.

A more substantial business departure similar to Citadel’s widely publicized move out of Chicago could prove far more damaging, according to the analysis. Under a 30% contraction scenario, the city would lose more than 6,300 jobs, nearly $397 million in tax revenue, and roughly $11.7 billion in GDP.

The concerns come as New York faces growing pressure from a rapidly expanding municipal budget.

Mamdani has proposed a $127 billion city budget for the coming fiscal year and has advocated raising taxes on millionaires to help address a projected $5.4 billion deficit.

A former budget official who served during the administration of Michael Bloomberg said the city’s spending growth has significantly outpaced inflation, making New York especially vulnerable during economic downturns.

“If you are just raising taxes to fill a gap and doing nothing to close the gap, you are just going to raise taxes,” the official said.

The former official warned that higher taxes could encourage additional wealthy residents and companies to relocate operations outside New York.

“It’s a real death spiral,” the official said.

“Business leaders are just going to reallocate their workforce to Florida. That’s not a loss of a billionaire and their tax bill — it’s the workers and tens of millions of dollars.”

Tax Foundation senior fellow Jared Walczak said companies today are far less tied to one geographic location than they once were.

“It used to be that if you were finance, you had to be New York City, and that is not the case anymore,” he said.

“If they feel unwelcome or they are going to be an ongoing topic, that can easily push them elsewhere. They do not want to fight new proposals every year and be the solution to every revenue problem that can drive them elsewhere.”

Some political observers noted that fears surrounding progressive mayors have not always materialized. During his 2013 campaign, Bill de Blasio alarmed many business leaders with his “tale of two cities” messaging focused on income inequality.

Once in office, however, de Blasio often pursued policies aimed at encouraging economic development and maintaining relationships with the business community.

Political strategist Evan Roth Smith argued that Mamdani’s political rise was fueled more directly by criticism of wealthy individuals and corporations.

The mayor has mostly avoided public confrontations with wealthy New Yorkers during the current budget negotiations, Smith said, though he noted Mamdani’s clash with Griffin stood out.

“He should have picked someone who has a penthouse that doesn’t employ thousands of people,” the strategist said.

“I think the target was ill-advised. I think when it’s Zohran versus a rich guy who employs tens of thousands of people during a budget fight it’s a problem, but I think it goes to a draw.”

Smith predicted Mamdani would likely resume stronger anti-wealth rhetoric once budget negotiations conclude.

“Stuff like this is a winner for him and he’ll go back to it,” he said.

“I think the voters exist and they hate rich people.”

Representatives for the mayor’s office did not respond to requests for comment.

Responding to the Partnership’s findings, a spokeswoman for Kathy Hochul emphasized the governor’s support for businesses of all sizes throughout New York.

“From local businesses to global corporations, every employer plays a crucial role in making New York City the best place for business, and Governor Hochul is proud to support them all,” spokeswoman Jen Goodman said in a statement.

“The Governor has held the line on income and corporate taxes while delivering unprecedented job growth, including doubling the national rate of private sector job creation in New York City, and remains committed to ensuring New York’s businesses continue to succeed.”

{Matzav.com}