Report: Jamie Dimon Warns High Taxes May Drive Businesses Out of NY, but City Nears Edge Over Miami in Luring Top Talent

(SeaPRwire) –   JPMorgan Chase CEO Jamie Dimon cautioned that rising taxes and regulatory burdens could drive companies out of New York, but new data indicates reports of a mass departure from the city are significantly overstated.

In his annual shareholder letter, Dimon stated that “while New York City has much going for it,” it also imposes the highest corporate and income taxes, which risk deterring businesses and top-tier talent.

“Individuals vote with their feet,” Dimon wrote. He pointed to a “fairly large exodus of people and jobs” from states with high taxes and costs, citing the departure of billionaires from California and Washington, which have recently introduced income taxes.

Billionaires like Google cofounders Larry Page and Sergey Brin have reduced their ties to California as the state considers a wealth tax, purchasing property in Florida and Nevada instead. Former Starbucks CEO Howard Schultz and Meta CEO Mark Zuckerberg have also acquired real estate in Florida.

Dimon noted his own firm is part of this trend: Even after opening its new global headquarters in Manhattan last October, JPMorgan has reduced its New York workforce by 20% over the past decade. Concurrently, the bank is expanding in Texas, a shift Dimon indicated “will likely continue.”

Lower taxes and lighter regulations in Texas and Florida have fostered a “Wall Street South,” with major firms establishing operations. Hedge fund Citadel is preparing to move into a new $2.5 billion Miami headquarters, while private equity firm Apollo Global Management plans to leave New York and establish a second headquarters in Texas or South Florida.

New York Mayor Zohran Mamdani has proposed raising taxes on residents earning over $1 million, a move critics blame for prompting the city’s wealthiest to leave, taking their capital and tax contributions with them.

However, a recent white paper from real estate firm JLL contends the “mass exodus” is a myth. It finds that while slightly more people move to Florida than New York, skilled and early-career professionals still favor New York. The report also notes that in early 2026, New York office vacancies fell, leasing for premium space was strong, and rents climbed.

“The most sophisticated talent continues to gravitate toward major markets like Manhattan despite the headlines,” JLL stated, adding that growth constraints are more likely due to limited space than weak demand.

The ‘myth of mass exodus’

JLL’s data on strong office demand supports its argument that New York’s business health relies on a consistent flow of qualified workers, showing top talent is still drawn to the city. This concentration of professionals, JLL suggested, also encourages companies to remain.

By examining LinkedIn migration and demographic data, JLL discovered that although overall migration to Florida was 3% higher, New York attracted 10% more mid- and early-career professionals from elite universities. For every professional New York loses to Florida, it gains 70 skilled newcomers.

This new information aligns with other real estate analysts who have downplayed the flight of affluent New Yorkers. For instance, luxury home sales in Manhattan surged in late 2025 following the mayor’s election.

Jonathan Miller of Miller Samuel noted that the trend of wealthy investors buying luxury New York property persisted all last year, with key market indicators rising. He dismissed anecdotal claims, stating, “the plural of anecdotal is not data.”

Still, JLL warned that New York’s status as a hub for white-collar professionals is not guaranteed. The firm found Florida attracts both early-career workers and becomes more appealing later in a career. While New York draws in young professionals, it may struggle to retain them as they gain experience.

“This pattern matters more today than in the past,” JLL wrote. “Slower early-career hiring and AI-driven changes to entry-level roles weaken the pipeline that once offset senior departures, raising questions about the durability of New York’s long-term talent base.”