NYC Mayor Calls Wealthy Exodus “Imagined”

New York City Mayor Zoran Mamdani stated on Wednesday that the idea of the city’s wealthiest residents leaving due to high taxes is purely “imagined.” At a Tax Day public forum, Mamdani conversed with economists Gabriel Zucman and Joseph Stiglitz about plans to impose new taxes on luxury real estate valued over $5 million.

“There’s been a lot of talk about a hypothetical exodus if we taxed the wealthiest New Yorkers appropriately. I encountered similar discussions when I was a state legislator, advocating for tax increases. Interestingly, even after those tax hikes, the number of billionaires has actually increased,” Mamdani explained.

Mamdani recognized that New York has seen a decline in its population, citing a loss of 200,000 Black residents between 2000 and 2020. He attributed this trend to working-class individuals leaving the city rather than just the wealthy. “The discussion about this imagined exodus shouldn’t overshadow the real exodus we’re witnessing—people who can no longer afford to stay in the city,” he continued, noting that many are relocating to nearby areas like Jersey City and Connecticut.

During the forum, Mamdani reiterated his earlier campaign promises such as providing free buses, universal child care, and creating five municipal grocery stores. While the universal child care program was launched in his first 100 days as mayor, plans for the grocery stores remain unfulfilled and the first one is projected to open in late 2027.

His remarks contrasted sharply with those of New York Governor Kathy Hochul, who recently encouraged affluent former residents to return to the state and contribute to social programs. Hochul suggested that wealthy individuals might consider supporting the community financially, urging them to come back and invest in New York.