A recent report reveals that between 2017 and 2022, New York City experienced a significant departure of affluent residents, resulting in the loss of billions of dollars in income. Despite this, the city saw a resurgence in population growth in 2023 and 2024, largely fueled by the arrival of migrants.
Fox News reports on the nonpartisan Citizens Budget Commission (CBC), headquartered in Albany, which concluded the city’s population decline began in 2017 and worsened during the COVID-19 pandemic. Between April 2020 and July 2022, nearly 500,000 residents left the city.
The CBC report highlights that many of those relocating chose to settle in Florida, specifically in Miami-Dade and Palm Beach counties. In total, $13.7 billion in personal income shifted from New York to Florida during that period.
“The people leaving New York City may be choosing a place offering them a higher value proposition through a better mix of quality of life and cost of living,” the report states. “Notably, Florida and Texas have lower taxes. While New Jersey and the rest of New York State have relatively high taxes—even if lower than New York City—they apparently offer amenities making the choice to leave worth it for some.”
Factors influencing these moves included the pandemic, immigration policies, the cost of living, lifestyle considerations, and job prospects. The report notes that while New York City imposed strict lockdown measures, Florida moved quickly to reopen and even prohibited vaccine mandates for businesses and employers.
In addition to Florida, former New Yorkers relocated to surrounding suburbs such as Long Island and Westchester, as well as nearby states including New Jersey, Connecticut, and Pennsylvania. Some also moved farther afield to states like California and Texas.
In contrast, the past two years have seen an uptick in the city’s population, which grew by 120,000 people, according to the report. However, that growth is overshadowed by the broader trend of outmigration, especially considering New York City Mayor Eric Adams has stated that over 234,000 asylum seekers have arrived since spring 2022.
Andrew Rein, president of the CBC, emphasized that the city’s ability to thrive in the long term will rely on its capacity to remain attractive to both residents and businesses.
“With the evolving economy, affordability, and quality of life challenges, New York City’s competitiveness—its ability to attract and retain residents and businesses—is one of the most important issues of our time,” Rein said.
That’s exactly what Democrats wanted to abuse the tax payer, waste tax monies, let the illegals commit as much fraud an crimes that they wants too, Police arrest them democrats let them back out on the streets, and return to
crime and attacks on the safety of New York Tax payers. If Democrats are not voted out this leaving of unsafe NY
will continue
Just what the ‘once’ greatest city on the planet Earth needs for further destruction, probably requiring a ‘Government,’ i.e., taxpayer bailout, is a population of non-paying homeless and 10s of thousands of leachers, a.k.a. ILLEGAL migrants, receiving dwindling resources! Can these dimwits even spell BANKRUPTCY?
John Carpenter was right.
Wall NYC off and make it a prison.
Out of Control Democrats with your tax dollars, Democrats, their governors lawyers, judges have wasted billions on radical ideas, illegals, through fraud, waste of tax payers money, abuse of those dollars not seeking any approval from the tax payers, for their radical ideas. Now, tax payer funds are no longer available for illegals, this is great news, why should the American tax payer’s have funded democrat pipe dreams so that illegals can vote illegally?, so that illegal’s will keep them in office, with their bought and paid for vote, all on the back of tax payer’s, who never gave any OK for this matter. Governors who are still moving money around to give illegal’s benefits, should be held accountable for their thief of tax and misuse of tax dollars. Moving money from a congressional approval to support illegals is against the laws, time to stop this constant abuse of tax payer dollars.