Can NYC’s Higher Taxes Truly Tax the Rich Without Driving Them Away?

New York City faces a tax policy clash as Mayor Mamdani pushes for higher income and corporate taxes to close a budget gap, while Gov. Hochul resists and a 9.5% property tax option is floated. Analysts differ: some say higher rates won’t cause abrupt migration but could erode NYC’s competitive footing over time, while others argue high taxes are common in strong regional economies. The piece outlines NYC/state tax burdens, the top-earner tax contributions, and the mixed evidence on whether taxes influence where high earners and businesses locate.