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

Core Viewpoint - The expansion of the New York Stock Exchange to Dallas has been criticized by President Trump as detrimental to New York, highlighting concerns over the city's leadership and its impact on the financial sector [1]. Group 1: Reactions to the Expansion - Dallas Mayor Eric Johnson supports the move, stating it is beneficial for both Dallas and the country, and acknowledges that New York's financial institutions relocating is not favorable for New York but seems inevitable [5]. - Johnson emphasizes that Dallas represents a future of free enterprise and has been experiencing growth in its financial services sector, attracting business leaders from New York [6]. - He predicts a significant migration of Wall Street firms to Dallas due to the perceived hostility of New York's mayor towards the business community and the push for higher taxes [7]. Group 2: Migration Trends - There is a noticeable trend of migration from high-tax states like California and New York to lower-tax states such as Texas and Florida, with Texas gaining over 361,000 residents from California and $21 billion in taxable income from 2012 to 2022 [9]. - More than 380,000 New Yorkers have moved to Florida during the same period, taking an estimated $37 billion in taxable income with them [10]. Group 3: NYSE Expansion Details - The New York Stock Exchange's planned expansion to Dallas, termed NYSE Texas, aims to enhance its presence in the South and Southwest, while not intending to replace its New York operations [11]. - NYSE Texas will operate as a reincorporation of NYSE Chicago, allowing electronic trading while maintaining primary listings elsewhere [12]. - Additionally, the Texas Stock Exchange is set to begin trading in 2026, and Nasdaq has already listed over 200 Texas-based companies, indicating a growing financial hub in the state [12].