Businesses Seeking Sanctuary From Socialism Are Fleeing New York City for “Y’All Street”
by Anthony Dierna January 19, 2026
Dallas Mayor Eric Johnson has positioned his city as a beacon for businesses weary of New York City’s shift toward policies that prioritize government control over free enterprise. Dubbed “Y’All Street” because of the exodus by many businesses leaving Wall Street, Dallas is booming.
With the recent inauguration of Mayor Zohran Mamdani in New York, who has openly advocated for higher taxes on high earners and expanded public oversight of essentials like housing and groceries, financial firms are exploring alternatives.
Johnson, who switched from the Democratic to the Republican Party in 2023, sees this as an opportunity for Dallas to solidify its role as a hub where companies can operate without the burdens of excessive regulation.
“It appears to be that New York wants to be the heartbeat of socialism in the United States,” Johnson said in a recent interview. He pointed to an “avalanche” of inquiries from New York-based firms, noting that conversations about relocations have surged since Mamdani took office on January 1, 2026.
Johnson described receiving phone calls from executives in the financial services industry, who view Texas as the future of capitalism in America. “We’re already having more conversations than we’ve ever had before, more interest in moving to Dallas by New York-based financial firms,” he added.
This trend builds on a years-long migration of companies from high-tax, high-regulation states like New York and California to Texas. According to data from Texas Governor Greg Abbott’s office, over 200 major corporations have relocated or reincorporated in the state since 2020, including Chevron, SpaceX, and Coinbase. In 2025 alone, at least 24 firms announced moves, drawn by lower costs and a pro-business environment.
Financial giants have taken notice: Goldman Sachs is constructing an 800,000-square-foot campus in Dallas set to open in 2028, consolidating thousands of employees. Scotiabank plans to open a new office there next month, and NASDAQ has established a regional presence in Texas, joining the New York Stock Exchange’s dual-listing option in the state.
https://discern.tv/businesses-seeking-sanctuary-from-socialism-are-fleeing-new-york-city-for-yall-street/
