Apollo Global Management, which oversees about $900 billion in assets, is exploring plans to establish a second U.S. headquarters in the Sunbelt. The discussions come as Mayor Zohran Mamdani pushes for tax increases targeting large corporations, the Financial Times reported.
Steve Fulop, head of the Partnership for New York City, said the move reflects growing concern among companies about the city’s direction.
“The reality is that you can’t propose budget after budget that vilifies employers and then be surprised when they decide to go somewhere else,” Fulop told The Post.
According to the report, Apollo executives have already surveyed partners and managing directors about whether they would prefer relocating to Texas or Florida. Both states offer warmer climates and no personal income tax.
Florida has already attracted firms like Citadel and Elliott Management, while Texas has drawn increased investment from Goldman Sachs and JPMorgan.
Apollo said it expects most future hiring to take place in its planned second hub rather than in Manhattan.
𝐀𝐏𝐎𝐋𝐋𝐎 𝐄𝐘𝐄𝐒 𝐓𝐇𝐄 𝐄𝐗𝐈𝐓 𝐀𝐒 𝐌𝐀𝐌𝐃𝐀𝐍𝐈 𝐃𝐄𝐂𝐋𝐀𝐑𝐄𝐒 𝐖𝐀𝐑 𝐎𝐍 𝐖𝐀𝐋𝐋 𝐒𝐓𝐑𝐄𝐄𝐓
Apollo Global Management — a $𝟗𝟎𝟎 𝐛𝐢𝐥𝐥𝐢𝐨𝐧 asset manager — is plotting a second U.S. headquarters in the Sunbelt as New York’s democratic socialist mayor pushes… pic.twitter.com/ygxq0Fx1g6
— M.A. Rothman (@MichaelARothman) March 29, 2026
Such a shift would mark a notable change for the firm, which has long been based in a prime office overlooking Central Park.
Mamdani has pointed to a projected $5.4 billion budget gap and argued that higher taxes are needed to close it and fund city priorities. He has urged state leaders to raise corporate taxes and increase rates on high earners, and has floated a potential 9.5% property tax hike if Albany does not act.
That property tax proposal would not require state approval, but it has gained little traction in the City Council.
At the same time, the mayor has faced criticism for not yet detailing how his administration will achieve $1.7 billion in promised savings, saying more specifics may not come until the executive budget is released later in April.
Business leaders have warned for months that higher taxes could push firms to leave the city. Fulop said Apollo’s consideration of a second headquarters should be taken seriously.
“The crowd that keeps daring businesses to leave should treat this as a flashing warning sign,” he said. “When jobs go, revenue goes as well, and the affordability problem gets worse.”
