Why businesses are actually leaving major cities.

Added: 2026-05-29

[00:00:00]New York is the biggest formal lender, how we take care of our people, how they all get medical, their minimum wage of $25. Just so we understand. And then a lot of what we do in New York is exported around the world. So, it's a huge export for the United States, a competitive advantage for the city, and a competitive advantage for the United States of America.

[00:00:17]And they were good citizens. And we always have been, you know? And we talk about affordable housing, child care, which are his two things. Well, of course. You know, everyone I know thinks we should do more affordable housing, but I told him it's smart policy that gets that. You you can say it all you want, but if you watch governments, they do some things that have the absolute opposite effect of what they say. And I can go through a many examples. Same for child care. It's got to be done right, got to be done effectively, it's got to be place-based, it's got to work.

[00:00:44]It's got to be thoughtful and stuff like that. Every city, but he had read my chairman's letter and we went through that every city has to compete. And they have to compete at every level. Arts, science, schools. That is what it is.

[00:00:56]You know, I my in my letter I pointed out that J.P. Morgan These are just numbers. J.P.

[00:01:01]Morgan, when I got there, had 35,000 employees in New York City, and now it's 26,000.

[00:01:08]We had 12,000 in Texas, and now it's 33,000.

[00:01:12]That is because of individual taxes, corporate taxes, state taxes, but also the schools in Dallas. They're They've become very good. The life in Dallas. You know, the Dallas mayor calls up all the time saying, "What can I do to help you? I have land over here. I have you know, and that is pro-business and pro-people love living there, and that's what New York City Now, New York City is a wonderful place, too, but that is the result. When I grew up in New York City, and this is an amazing number, in the '70s, they had 120 of the Fortune 500 were in New York City.

[00:01:44]In those 10 years, or about those 10 years, 60 left or failed or merged out, but mostly because of things like taxes and crime and stuff like that.