New York City is experiencing an unprecedented business exodus, with Fortune 500 companies relocating to states like Texas and Florida. The financial services sector is particularly hard hit, losing thousands of jobs as corporations flee high taxes and an unfriendly business climate. This trend has accelerated following the election of a socialist mayor, leading to a significant decline in New York's economic dominance and raising concerns about the city's future viability.

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Highlights:

• “New York City has lost 60% of its Fortune 500 companies over two decades.”
• “JP Morgan Chase now employs more people in Texas than in Manhattan.”
• “The election of a socialist mayor has intensified corporate relocations.”
• “The economic decline of New York is now seen as potentially irreversible.”

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