The great New York City exodus.
Between 2017 and 2022, New York City saw a substantial outflow of wealthy residents, amounting to billions of dollars in lost revenue, as reported recently.
The city’s population began to drop in 2017, with a notable decline during the pandemic, where around 500,000 residents left between April 2020 and July 2022, according to a report from the Albany-based Citizens’ Budget Committee (CBC).
This report highlights that many former New Yorkers moved to Florida, particularly to Miami-Dade and Palm Beach counties. In fact, the personal income that left New York for Florida totaled a staggering $13.7 billion.
New York City has seen a considerable number of affluent residents leave between 2017 and 2022. (istock)
New York had the highest loss of residents in a year compared to all other states, according to US census data.
For instance, those relocating to Miami-Dade County brought with them an average income exceeding $266,000, while the average income for Palm Beach County transplants was about $189,000.
Drivers behind this migration included the pandemic, changing immigration policies, concerns about affordability, and actually attractive living conditions and job prospects, as outlined in the report. While New York enforced strict lockdowns, Florida opted for fewer restrictions and lifted vaccine mandates fairly quickly.
New Yorkers also found refuge in nearby areas like Long Island and Westchester, as well as neighboring states like New Jersey, Connecticut, and Pennsylvania. Some have even headed to California and Texas.
“People leaving New York may be seeking better value based on cost of living and quality of life,” the report suggests. “Particularly, states like Florida and Texas have lower taxes. Other places, like parts of New Jersey, still seem to offer enticing amenities despite potentially higher taxes compared to New York City.”
Many leaving New York were influenced by the pandemic, immigration policy changes, affordability, quality of life, and job availability, as per the report. (istock)
Recent data indicates red states are seeing population growth as people leave blue states, according to census statistics.
Interestingly, there’s been a shift lately, as New York City’s population increased by 120,000 in the past two years. Even though the report doesn’t mention it explicitly, New York Mayor Eric Adams highlighted dealing with over 234,000 asylum seekers since spring 2022, suggesting a net influx from this group.
Andrew Lane, CBC president, commented that the long-term viability of New York City hinges on its capacity to remain competitive.
“Given the changing economy and the challenges of living affordability, attracting and keeping residents and businesses is perhaps the most significant issue we face,” Lane remarked.
New York, alongside its regions, consistently ranks among the highest for taxes, collecting considerably more per capita than other states—23% higher than California and about 79% above the national average, according to the report. When evaluating taxes in relation to personal income, New York holds the top position.
The approximate population sits at around 8.25 million, and New York City is crafting a $110 billion budget for 2025.
On the flip side, Florida has a population nearing 23.35 million and an annual budget of $115.6 billion, notably without a state income tax.
Asylum seekers line up at the Roosevelt Hotel, which has been converted into a city shelter for immigrant families that have just arrived in New York City. (Selcuk Acar/Anadolu Agency via Getty Images)
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A CBC survey indicates that New Yorkers perceive a decline in quality of life and public safety from 2017 to 2023, with only 30% rating these aspects positively. Many express concerns about safety on subways and in parks, particularly when it gets dark.
Despite this, a good number are still exploring local parks, playgrounds, and cultural offerings. This focus might help in attracting both residents and visitors, as per the report.
