A Pitch from Boca Raton
When Boca Raton Mayor Scott Singer appeared on Newsmax, his message was direct: New York City businesses have a home waiting for them in Florida. Standing in sharp contrast to New York’s incoming socialist leadership under Mayor-elect Zohran Mamdani, Singer made his case for Boca Raton as a place of stability, safety, and economic freedom.
“We’re trying to focus on how we can attract new businesses to Boca Raton for people who want to leave New York City,” Singer said. “We’re here to celebrate business, not regulate it.”
His pitch was more than political rhetoric. Calls from executives poured in that very morning. Singer emphasized the tangible advantages – no state or local income tax, low property taxes, and strong public safety. “We invest in police,” he added, taking a jab at Mamdani’s history of supporting “defund the police” measures.
Boca Raton, Singer reminded viewers, has a proud innovation pedigree. “The IBM personal computer was invented here in 1981,” he said, noting that AI and quantum computing firms are already eyeing relocation. “We’ve gotten inquiries from companies looking to find a home in Boca Raton, and we’re trying to harness that.”
Florida’s Open Invitation
Singer’s pitch echoes a broader movement across Florida. Real estate developers and business organizations across the state are mobilizing to attract firms unnerved by New York’s political direction.
Giulia Carbonaro of Newsweek reported that “within a day of the [New York mayoral primary] results, we had serious inquiries from buyers in Manhattan and Connecticut,” according to Isaac Toledano of the BH Group. Realtors across South Florida, from Miami to Palm Beach, confirmed the same trend.
Peggy Olin of OneWorld Properties described the wave of interest as “less about panic and more about planning.” Florida’s consistent growth, favorable taxes, and year-round climate make it an easy sell.
Between 2018 and 2022, over 125,000 New Yorkers moved to Florida, taking nearly $14 billion in income with them. Many went to Miami-Dade, Palm Beach, and Broward Counties, stripping New York of its a large portion of economic base. As Peter Earle of the American Institute for Economic Research noted, “The lifestyle of the masses is silently carried on the shoulders of the few.” When those few depart, the city’s financial foundation begins to crumble.
Texas Takes the Stage
Florida isn’t alone in wooing New York’s fleeing businesses. Texas has become a magnet for corporate relocations, pairing its lack of income tax with a famously pro-business environment. The state is now home to Tesla, Hewlett Packard Enterprise, Fisher Investments, and soon, the New York Stock Exchange’s newest branch – NYSE Texas.
“Texas has been working for decades to establish itself as the best place in America to do business,” said Nate Sharp, dean of Texas A&M’s Mays Business School. The new exchange in Dallas, led by NYSE Group President Lynn Martin, will “provide a listing and trading venue centered within the vibrant economy of the southwestern U.S.”
Between 2010 and 2019, more than 7,300 firms relocated to Texas, according to the Federal Reserve Bank of Dallas. The trend continues to accelerate as the state pairs low costs and light regulation with a fast-growing labor force.
The Problem with Mamdani
At the center of the exodus lies Zohran Mamdani’s platform. The self-described socialist campaigned on redistributing wealth, raising taxes, and increasing regulation – policies that critics say threaten to drive out the very people who sustain New York’s economy.
His proposed 17 percent combined state and local income tax rate for high earners, along with rhetoric about “seizing the means of production” and limiting private property, has rattled investors. Even former Governor Andrew Cuomo warned that if Mamdani’s agenda proceeds, “there will be nobody left in New York City.”
Singer and others see this as a tipping point. “People are already preparing to leave before a Mamdani election,” he said. “We’re going to see a lot more people looking to bring their businesses here and create jobs in Boca Raton.”
A Tale of Two Futures
The divide between high-tax cities and business-friendly states is widening. On one side, New York and similar jurisdictions continue to pursue policies aimed at redistributing wealth. On the other, states like Florida and Texas are openly courting that wealth – and the jobs, philanthropy, and innovation that come with it.
Municipalities like Miami, Austin, and Nashville are creating entire ecosystems designed to welcome disaffected New Yorkers. As Peter Earle observed, “In attempting to punish the haves in the name of the have-nots, New York is creating an even sharper divide between places where the wealthy live and places they have left behind.”
What began as anecdotal reports has become a measurable transformation. Over 125,000 New Yorkers have already headed south, and more are expected to follow. Singer predicts a “substantial exodus” within a year. Texas, meanwhile, continues its “Lone Star boom,” drawing major corporations with open arms.
For Florida and Texas, this is more than an economic opportunity – it’s a redefinition of where America’s future is being built. As Singer put it, “We’re offering many things that New York City can’t.”
And for now, the numbers – and the moving trucks – are on his side.
