Mamdani beware — Cleveland’s forgotten folly holds a warning for NYC
By Bob Sloan
Mayor Zohran Mamdani is just the latest in a long line of tax-the-rich politicians eager to go after America’s business elite — but he should consider how one such war on wealth enriched and empowered the city over which he now presides.
If not for Cleveland, Ohio, New York’s rise as the nation’s undisputed center of capital, commerce and culture may never have happened.
By 1914, John D. Rockefeller was already the richest man in America.
Standard Oil, the behemoth he originally incorporated in Cleveland, had moved its headquarters to 26 Broadway in New York in 1885 — a strategic decision driven by access to global capital markets, not any hostility toward his home state.
In 1899, though, responding to New Jersey’s deliberate decision to actively compete for the business by liberalizing its corporate laws, he reincorporated Standard Oil as a Jersey holding company while retaining his New York City home base.
Two states vied for Rockefeller’s enterprise — and both won something.
https://nypost.com/2026/07/31/opinion/mamdani-beware-clevelands-forgotten-folly-holds-a-warning-for-nyc/