In his inauguration address last year, Mayor Zohran Mamdani vowed “to transform and reinvent” New York City. That pledge took an ominous leap forward last month when the mayor appointed former Federal Trade Commission Chair Lina Khan as the head of New York City’s Economic Development Corporation board of directors. 

The move was more than just the latest punch in the gut for New York City’s beleaguered business community, already the most heavily regulated and taxed in the nation. Even before Khan’s appointment, New York’s millionaires were leaving the city in droves, taking $11 billion in tax revenue with them to more business-friendly environments such as Florida, Texas, and Tennessee. 

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