The political change in New York appears to have caused turmoil in the business community, with the well-known expatriate John Catsimatidis to leave open the possibility to move its activities out of state.
Catsimatidis, who leads the Red Apple Group and has significant investments in energy, real estate and retail, publicly expressed his concern on the new financial direction of the municipal authority under the newly elected mayor Zohran Mamdani.
Mamdani promotes a radical plan to create municipal supermarkets, which will operate without taxes and rents — a proposal that, according to the business world, threatens to distort the terms of competition.
The Greek-American billionaire, who was born in Greece and raised in Astoria, New York, points out that the increased operating costsThe criminality and lack of incentives for private investors have already led many businesses to are reconsidering their presence in the city.
"Entrepreneurs are starting to look for more reasonable environments to grow," he reportedly said, clearly pointing towards Florida, which in recent years has evolved into haven for large companies and investors due to favorable taxation and a more stable market.
From a small grocery store to a $7,8 billion empire
John Catsimatidis dropped out of school to open a small mini market in the 70s.
Fifty years later, his group employs thousands of workers, with an annual turnover exceeding 7,8 billions of dollars, while his personal wealth reaches 4,8 billion
However, as he himself emphasizes, the last few years have been difficultRising prices, losses due to theft and high taxes have dramatically reduced profit margins.
"My heart is in New York, but my mind is looking south"
Although Catsimatidis has not yet made a final decision, he acknowledges that Florida offers a more stable framework for the business world.
"I love New York," he says, "but you need an environment that operates with common sense and rewards work, not punishes it."
His statement reflects a broader trend of business relocation from high-tax states to more flexible areas of the US — a trend that has been strengthening in recent years, with Florida now becoming symbol of business stability.
Syntax: Greek News & Radio FL
Source video: Fox Business – “Business titan predicts taxpayer flight if socialist Mamdani wins”
https://www.foxbusiness.com/video/6384507328112?
File:Catsi.jpg – Wikimedia Commons
photo by GreekRadioFL
