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.
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.
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.
