TheBadPlaceyahoo news | Jamie Dimon warned high taxes would push business out of New York, but the city...
JPMorgan Chase CEO Jamie Dimon warned that New York’s high corporate and income taxes, combined with regulatory pressures, could drive businesses and top talent out of the city. In his annual shareholder letter he cited a 20 % reduction in JPMorgan’s New York headcount since 2010 and highlighted the bank’s expansion in Texas, where employment grew from 26,000 in 2015 to 32,000 today. Dimon’s remarks echo broader concerns that rising taxes and expenses are prompting an “exodus” of companies and affluent individuals to states like Texas and Florida, where lower taxes and looser regulations have already attracted firms such as Citadel and Apollo Global Management.
A new white paper from real‑estate firm JLL, however, challenges the narrative of a mass flight from New York. Analyzing office‑space data from Q1 2026, JLL found vacancies fell 2.2 % to 13.5 % and leasing volume for premium space hit 8.5 million sq ft, with rents up 3.5 % year‑over‑year. LinkedIn migration data showed that while 3 % more people moved to Florida than to New York, the city attracted 10 % more mid‑ and early‑career professionals from top schools, resulting in a net inflow of roughly 70 skilled workers for every one that left for Florida. The firm concluded that sophisticated talent continues to gravitate toward Manhattan, and any slowdown is more likely due to limited office‑space supply than a lack of demand.
Supporting the JLL findings, luxury‑home market data revealed a sharp rise in high‑value Manhattan transactions after Mayor Zohran Mamdani’s election, with contracts for homes over $4 million climbing 25 % from October to November 2025 and a 31 % increase in luxury sales reported by Douglas Elliman and Miller Samuel. Jonathan Miller of Miller Samuel warned that anecdotal arguments about a talent drain are not backed by data. Nevertheless, JLL cautioned that while New York draws early‑career professionals, Florida is becoming more appealing to seasoned workers, raising questions about the city’s long‑term talent pipeline as AI‑driven changes reshape entry‑level roles.
Jamie Dimon warned high taxes would push business out of New York, but the city is honing its edge over Miami in attracting top talent, report finds
More skilled professionals are moving to New York than Florida, according to a white paper from real estate firm JLL shared exclusively with Fortune.