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This platform marks the most leftward shift any New York City mayoral candidate has successfully campaigned on, leaving businesses and residents alike uncertain about the city’s future.
Not wasting a moment, Tennessee Governor Bill Lee reached out to New York City businesses the day after the election. In a video message, he presented the Volunteer State as a haven for companies seeking stability.
“In light of the recent election results, I thought it might be a good time to remind you that Tennessee is THE best state in the country for doing business,” Lee said.⁶
He highlighted Tennessee’s lack of a state income tax, low overall tax burden, and a ready workforce capable of supporting any industry. “We also believe in the power of law enforcement, by the way,” Lee added. “And we understand that the men and women who keep our families, keep our communities safe, need to be supported, and we do so in our state.”⁷
Lee’s timing was strategic. Barstool Sports CEO Dave Portnoy had hinted he might relocate his company’s New York office if Mamdani won.
Tennessee’s pitch comes amid a steady exodus of businesses leaving states with heavy taxes like New York and California. Oracle, for example, relocated its world headquarters to Nashville in 2024, its second move in just four years after leaving Silicon Valley.⁸ Amazon has expanded its East Coast operations in Nashville, bringing thousands of jobs.⁹
Other major companies, including Nissan North America, HCA Healthcare, Dollar General, and AllianceBernstein, have also set up operations in Tennessee in recent years.¹⁰ The state’s population is booming, gaining nearly 49,000 residents from other states last year, including roughly 5,800 New Yorkers in 2022 alone.¹¹¹²
This isn’t uncharted territory. Former Mayor Bill de Blasio attempted similar left-wing policies from 2014 to 2021, taxing the wealthy to fund universal pre-K and raise the minimum wage for city workers.¹³
Mamdani’s agenda is essentially de Blasio’s platform taken to an extreme. By the time de Blasio left office, he had some of the lowest approval ratings in the city’s history. His mental health initiative, ThriveNYC, consumed hundreds of millions of dollars with little tangible result. Even Democrats refused to defend his record. Former Governor Cuomo described Mamdani’s approach as “Socialist theory colliding with practical reality.”¹⁴
Polls prior to the election revealed that 25% of New York City residents would consider leaving if Mamdani won.¹⁵ Combine that with a mandated $30 minimum wage and steep tax hikes, and companies are rapidly calculating their next move. Tennessee offers the opposite: low taxes, business-friendly regulations, strong law enforcement support, and one of the nation’s lowest unemployment rates. Nashville has been recognized as the hottest job market in the country.¹⁶
Mamdani has proposed raising New York City’s corporate tax to 11.5% and taxing high earners at a flat 2%.¹⁷ He also aims to build 200,000 rent-stabilized units in a decade while cracking down on landlords.¹⁸ City-run grocery stores? Critics say that’s reminiscent of Soviet-style economics. Real estate experts warn that rent freezes will damage demand and discourage investment.¹⁹
The consequences are clear: fewer new apartments, deteriorating buildings, and an aggravated housing crisis. Governor Lee understands how these policies can undermine a city’s economy—and Tennessee is ready to welcome those fleeing the socialist experiment.
Mamdani’s victory isn’t just a New York story. The Democratic Socialists of America hail it as their most significant win since Alexandria Ocasio-Cortez’s upset in 2018.²⁰ Republicans are linking vulnerable Democrats nationwide to Mamdani’s radical platform, with the NRCC declaring, “every House Democrat is foolishly complicit in their party’s collapse.”²¹
If Mamdani’s policies fail—and history suggests they will—it could serve as a cautionary tale for voters across the country. States like Florida and Tennessee are prepared to absorb businesses and families fleeing New York’s left-wing experiment, with Tennessee making it clear that the welcome mat is out.
