Major Trump Advisor Declares Which Major Red State City Will Replace NYC as Financial Capitol Thanks to Mamdani; David Sacks Sees 2 Cities Replacing NYC and SF as Finance and Tech Capitals

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Major Trump Advisor Declares Which Major Red State City Will Replace NYC as Financial Capitol Thanks to Mamdani:

David Sacks, an entrepreneur and investor who currently serves as the artificial intelligence and cryptocurrency czar for the Trump administration, predicted that Miami will replace New York City as the nation’s financial capital.

New York City has long been home to the country’s most important banks and financial institutions, serving as a key hub for the global economy.

But amid a stifling business and tax environment as well as elevated crime rates — which many believe will worsen under New York City Mayor Zohran Mamdani — some businesses have looked to expand beyond the Big Apple.

“As a response to socialism, Miami will replace NYC as the finance capital and Austin will replace SF as the tech capital,” Sacks predicted on Jan. 1, the day on which Mamdani was sworn in.

Outgoing now-former Miami Mayor Francis Suarez, a Republican, agreed with the sentiment from the former PayPal executive.

“We’ve already moved companies to Miami — either an office or a headquarters — that collectively manage over 13 trillion dollars in AUM,” Suarez posted, referring to assets under management.

We’ve already moved companies to Miami - either an office or a headquarters - that collectively manage over 13 trillion dollars in AUM. https://t.co/tfRsiywF0P

— Francis X. Suarez (@FrancisSuarez) January 1, 2026

Since 2020, companies like JPMorgan Chase, Goldman Sachs, Blackstone, and Icahn Capital Management have expanded their footprints in Miami.

Citadel, the investment firm owned by Ken Griffin, moved their headquarters to the Miami area in recent years as well. --->READ MORE HERE

Jabin Botsford/The Washington Post via Getty Images

David Sacks sees 2 cities replacing NYC and SF as finance and tech capitals:

• AI czar and investor David Sacks predicted Miami and Austin will overtake New York and San Francisco in finance and tech. 

• His prediction sparked an online debate as Craft Ventures and Thiel Capital open offices in Austin and Miami. 

• Ultrawealthy investors are weighing their options ahead of California's proposed billionaire tax.

Is Miami destined to be the new Wall Street, and Austin the next Silicon Valley? "All-in" podcaster and White House AI czar David Sacks thinks so. 

Sacks kicked off a New Year's social media debate by declaring that Miami will overtake New York as the nation's financial capital — and that Austin is poised to replace San Francisco as the center of tech.

"As a response to socialism, Miami will replace NYC as the finance capital and Austin will replace SF as the tech capital," Sacks wrote in a January 1 post on X that ricocheted through tech and venture circles, drawing cheers from anti-coastal contrarians and sharp pushback from defenders of the old hubs.

Linda Yaccarino, the former CEO of X, responded to Sacks with the word "Miami" along with a fire emoji.

Garry Tan, who runs Y Combinator, the influential startup accelerator behind Airbnb, Stripe, and Dropbox, weighed in, saying the firm hasn't expanded beyond San Francisco because founders are still much more likely to build successful, product-market-fit unicorns in the region.

Tan recently said he would consider opening an Austin outpost if California moves forward with a proposed billionaire tax. The ballot measure would impose a one-time 5% levy on California residents with assets exceeding $1 billion and could go before voters in November if it qualifies.

Sacks urged Tan to reconsider, arguing that a Y Combinator outpost in Austin could become a "self-fulfilling prophecy." "If YC and others support Austin, it will be successful," Sacks said.

Musk replied simply, "Yes." The Pittsburgh-based venture capitalist Brandon Brooks said an Austin outpost "would be the biggest shift for the startup ecosystem in history."

Sacks is a venture capitalist, podcaster, and one of the earliest members of the so-called "PayPal mafia," a group of PayPal employees who went on to positions of influence and power in Silicon Valley. His profile surged after he was appointed the Trump administration's artificial intelligence and crypto czar. --->READ MORE HERE

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