NYC lost high earners and billions in income, with migrants reversing population decline: report
Share this @internewscast.com

Escape from New York City.

Between 2017 and 2022, New York City experienced a significant departure of thousands of wealthy residents, who took billions in income with them. However, the city saw a rise in population in 2023 and 2024, driven by an influx of migrants, as revealed in a recent report.

The population decline in the Big Apple began in 2017 and intensified during the pandemic, with nearly 500,000 residents leaving between April 2020 and July 2022, according to the report by the impartial Citizens Budget Commission (CBC) located in Albany. 

This report highlights that many of those who relocated moved to Miami-Dade and Palm Beach counties in Florida, resulting in a total personal income loss of $13.7 billion to the state.

airplane over NYC

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

Recently, the outward trend reversed with the population of New York City growing by 120,000 residents over the last two years, per the report. Although not mentioned in the report, that would still indicate a net outflow of New York residents leaving the city, given New York City Mayor Eric Adams said the city has catered to more than 234,000 asylum seekers since the spring of 2022.

Andrew Rein, president of the CBC, said New York City’s long-term success depends on its ability to stay competitive. He said that CBC also released an interactive tracker to understand the key trends and view key metrics on population trends, jobs, economic growth and more.

“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. 

New York state and its localities are the national high-tax leaders, having collected the most taxes per person—23% more than second-place California and 79% more than the national average, per the report. New York maintains its first-place ranking when assessing taxes as a portion of personal income.

With a population of around 8.25 million people, New York City’s FY 2025 budget is $110 billion. 

In comparison, Florida’s population is nearly three times as big, at 23.35 million people, with an annual budget of $115.6 billion. The Sunshine State famously has no income tax.

Migrants in NYC

Asylum seekers line up in front of the historic Roosevelt Hotel, converted into a city-run shelter for newly arrived migrant families in New York City. (Selcuk Acar/Anadolu Agency via Getty Images)

According to a survey by the CBC, New Yorkers feel quality of life and public safety declined from 2017 to 2023, with only 30% rating life as good or excellent, down from 51% with many feeling unsafe in subways and parks, especially at night. 

Still, most view local parks, playgrounds and cultural offerings positively, which helps attract residents and tourists, the report said.

Share this @internewscast.com
You May Also Like
Joe Biden's Last PSA Test Was Eleven Years Ago? We're Supposed to Believe That?

Liberal NYU Professor Claims Biden’s Narcissism Damaged the Country but Positively

Unintended consequences are unintended. The Biden family arguably inflicted significant damage on…
New Orleans police arrest Emmit Weber for helping in Orleans Parish Correctional Facility prison escape

New Orleans Police Detain Emmit Weber for Assisting in Escape from Orleans Parish Correctional Facility

Another suspect accused of helping inmates escape from a New Orleans jail was arrested…
Border Force Excalibur logo.

Border Search Uncovers Child Abuse Images on Majority of Devices

EVIDENCE of child sex abuse images was found on two thirds of…
Dad carries 9-year-old daughter on shoulders through Westernport flood waters

Father Lifts 9-Year-Old Daughter on His Shoulders to Cross Flooded Waters in Westernport

Dustin Nash carried his 9-year-old on his shoulders, fearful that rescuers might…
Fifth suspected New Orleans accomplice arrested for allegedly aiding inmates in jailbreak

Ex-FBI Agent Alerts Public to Take Notice of New Orleans Prison Escape

A retired FBI special agent has issued a warning following the escape…
Gregg Popovich was 'barely responding' during medical incident

Gregg Popovich Reportedly Unresponsive Amid Health Scare

The 911 call from Gregg Popovich’s April medical emergency has emerged.  TMZ…
Lights out at airport where doomed jet was supposed to land before crash that killed Devil Wears Prada drummer Daniel Williams, Dave Shapiro

Airport Lights Fail as Jet Scheduled to Land Crashes, Tragically Killing Devil Wears Prada Drummer Daniel Williams and Dave Shapiro

The runway lights were off, a malfunctioning weather alert system was in…
Texas lottery player sues Texas Lottery Commission for paying her $83.5 million jackpot prize

Texas Woman Sues Lottery Commission Over $83.5 Million Jackpot Payment

A lottery winner in Texas claims she is being refused her $83.5…
Numbers show how bad Rockies are — even after beating Yankees

Statistics Highlight Rockies’ Struggles Despite Win Against Yankees

DENVER — It is not unusual for an unmistakable smell to be…
Photo of a press conference where law enforcement officials display photos of Elliot Rodger and the weapons used in the Isla Vista shooting.

Father of Isla Vista Shooter Elliot Rodger Leads a Luxurious Lifestyle 11 Years After Tragedy

THE father of the Santa Barbara killer is living a reclusive but…
Woman who admitted to kidnapping hoax undergoes polygraph in explosive new tell-all

Woman Behind Kidnapping Hoax Takes Polygraph in Revealing New Interview

Coming clean hasn’t been easy for Sherri Papini. In 2022, a mother…
Yoko Ono's daughter Kyoko details reuniting with her mom at 30

Kyoko Ono shares her story of reuniting with mother Yoko Ono at age 30

Kyoko Ono is speaking out over a traumatic time in her life.…