NYC lost high earners and billions in income, with migrants reversing population decline: report

Escape from New York City.

New York City witnessed an outflow of tens of thousands of high-earning residents from 2017 done 2022 who took billions of dollars of income with them, though the Big Apple saw a colonisation summation successful 2023 and 2024 spurred connected by an influx of migrants, according to a caller report. 

The Big Apple’s colonisation started to diminution successful 2017 and past plummeted during the pandemic by astir a half-million residents betwixt April 2020 and July 2022, according to the study by the nonpartisan Citizens Budget Commission (CBC), based successful Albany. 

The study notes that galore of the transplants fled to Miami-Dade and Palm Beach counties successful Florida, and the full magnitude of idiosyncratic income to permission the authorities for Florida came successful astatine $13.7 billion.

New York City witnessed an outflow of tens of thousands of high-earning residents from 2017 done 2022 who took billions of dollars of income with them. (iStock)

NEW YORK LOST MORE RESIDENTS IN A YEAR THAN ANY OTHER STATE IN THE COUNTRY, US CENSUS DATA SHOWS

For instance, individuals moving to Miami-Dade County had an mean income exceeding $266,000, portion those relocating to Palm Beach County averaged astir $189,000. 

Those leaving were driven by the pandemic, migration policy, affordability concerns, prime of beingness issues and enactment opportunities, per the report. New York City implemented terrible lock-downs portion Florida, aft a little shutdown, aggressively began reopening and banned vaccine mandates by employers and businesses.

As good arsenic Florida, New Yorkers headed to suburbs connected Long Island and Westchester, and adjacent states similar New Jersey, Connecticut and Pennsylvania. Those leaving the tristate portion besides moved to California and Texas.

"The radical leaving New York City whitethorn beryllium choosing a spot offering them a higher worth proposition done a amended premix of prime of beingness and outgo of living," the study states. "Notably, Florida and Texas person little taxes. While New Jersey and the remainder of New York State person comparatively precocious taxes—even if little than New York City—they seemingly connection amenities making the prime to permission worthy it for some."

Those leaving New York City were driven by the pandemic, migration policy, affordability concerns, prime of beingness issues and enactment opportunities, per the report. (iStock)

RED STATES SEE 2023 POPULATION GROWTH AS AMERICANS FLEE BLUE STATES, CENSUS DATA SHOWS

Recently, the outward inclination reversed with the colonisation of New York City increasing by 120,000 residents implicit the past 2 years, per the report. Although not mentioned successful the report, that would inactive bespeak a nett outflow of New York residents leaving the city, fixed New York City Mayor Eric Adams said the metropolis has catered to much than 234,000 asylum seekers since the outpouring of 2022.

Andrew Rein, president of the CBC, said New York City’s semipermanent occurrence depends connected its quality to enactment competitive.

"With the evolving economy, affordability, and prime of beingness challenges, New York City’s competitiveness—its quality to pull and clasp residents and businesses—is 1 of the astir important issues of our time," Rein said. 

New York authorities and its localities are the nationalist high-tax leaders, having collected the astir taxes per person—23% much than second-place California and 79% much than the nationalist average, per the report. New York maintains its first-place ranking erstwhile assessing taxes arsenic a information of idiosyncratic income.

With a colonisation of astir 8.25 cardinal people, New York City’s FY 2025 fund is $110 billion. 

In comparison, Florida’s colonisation is astir 3 times arsenic big, astatine 23.35 cardinal people, with an yearly fund of $115.6 billion. The Sunshine State famously has nary income tax.

Asylum seekers enactment up successful beforehand of the historical Roosevelt Hotel, converted into a city-run structure for recently arrived migrant families successful New York City. (Selcuk Acar/Anadolu Agency via Getty Images)

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According to a survey by the CBC, New Yorkers consciousness prime of beingness and nationalist information declined from 2017 to 2023, with lone 30% standing beingness arsenic bully oregon excellent, down from 51% with galore feeling unsafe successful subways and parks, particularly astatine night. 

Still, astir presumption section parks, playgrounds and taste offerings positively, which helps pull residents and tourists, the study said.