According to a new report, New York City experienced a significant decline in affluent citizens between 2017 and 2022, leading to the loss of billions of dollars in revenue. Despite this, the city experienced a resurgence in people rise in 2023 and 2024, mainly due to the arrival of immigrants.
The nonpartisan Citizens Budget Commission ( CBC ), with headquarters in Albany, released a report on Fox News about the city’s population decline that began in 2017 and worsened as a result of the COVID-19 pandemic. Between April 2020 and July 2022, roughly 500, 000 people left the city.
According to the CBC report, some relocations opt to live in Florida, particularly in the regions of Miami-Dade and Palm Beach. During that time, personal income of$ 13.7 billion moved from New York to Florida.
According to the report,” The people who leave New York City may choose a location where the quality of life and cost of living are much balanced.” Florida and Texas, for example, have lower fees. While New Jersey and the rest of New York State have fairly high taxes, even if they are lower than New York City, they appear to offer amenities that make the decision to keep worthwhile for some.
The pandemic, recruitment procedures, the cost of living, lifestyle factors, and job prospects were among the factors that influenced these decisions. The report notes that Florida immediately reopened and also outlawed vaccine mandates for companies and employers while New York City imposed stringent lockdown measures.
Former residents of New York relocated to nearby cities like Long Island and Westchester, as well as to adjacent states like New Jersey, Connecticut, and Pennsylvania. Some people even relocated further, to states like Texas and California.
In comparison, the city’s population has increased by 120, 000 people in the last two years, according to the document. But, that progress is overshadowed by the overall pattern of immigration, especially given that New York City Mayor Eric Adams has reported that over 234, 000 asylum applicants have arrived since springtime 2022.
The state’s ability to prosper in the long run will depend on its ability to remain appealing to both people and businesses, according to Andrew Rein, leader of the CBC.
One of the most significant problems facing New York City today is the changing business, value, and quality of life challenges, Rein said.
