Trump calls NYSE Dallas expansion plans 'unbelievably bad' for New York

• Between 2012 and 2022, New York lost more than 361,000 residents to Texas, representing roughly $21 billion in taxable income, while over 380,000 New Yorkers moved to Florida, taking an estimated $37 billion with them
• The NYSE Dallas expansion will operate as a fully electronic equities exchange intended to serve companies in the South and Southwest, with the separate Texas Stock Exchange also planning to begin trading in 2026
• Dallas Mayor Eric Johnson attributes the financial sector migration to New York's new mayor being 'openly hostile towards the business community' and pushing for higher taxes, while positioning Dallas as 'America's first Sanctuary City from Socialism'

Summary

President Trump criticized the New York Stock Exchange's expansion plans to Dallas as "unbelievably bad" for New York, calling it a failure of city leadership and a test for newly inaugurated Mayor Zohran Mamdani.

Key Developments:

• The NYSE plans to open a fully electronic equities exchange in Dallas, operating as a reincorporation of NYSE Chicago
• The expansion aims to better serve companies in the South and Southwest, not replace New York operations
• Dallas will also host the Texas Stock Exchange, scheduled to begin trading in 2026
• Nasdaq has already expanded in Texas, listing over 200 Texas-based companies

Market Migration Data:

Between 2012-2022, significant population shifts occurred:

• New York lost over 361,000 residents to Texas, representing approximately $21 billion in taxable income
• More than 380,000 New Yorkers relocated to Florida, taking an estimated $37 billion in taxable income

Political Context:

Dallas Mayor Eric Johnson welcomed the NYSE expansion, calling it "excellent" for the city and "inevitable" given New York's business climate. Johnson characterized Dallas as "America's first Sanctuary City from Socialism" and predicted "an avalanche of Wall Street firms moving to Dallas," citing New York's new mayor as "openly hostile towards the business community."

Market Implications:

The expansion reflects a broader trend of businesses and residents migrating from high-tax blue states to lower-tax, less-regulated red states like Texas and Florida, potentially reshaping the geographic distribution of financial services and capital markets infrastructure in the United States.