New York's Millionaires Thrive While Others Flee
Despite an initial exodus of wealthy New Yorkers during the pandemic, a new report reveals that the number of millionaires in New York has rebounded, while lower- and middle-income residents are leaving the state. The study highlights the potential impact on the city's recovery, as these residents are essential to various industries. Interestingly, the report found that affluent residents who left were not driven away by recent tax increases, with the majority moving to other high-tax states. The loss of lower-income families, particularly Black and Hispanic residents, is attributed to the high cost of living rather than taxes. The report suggests that policymakers should prioritize making New York affordable and livable for the middle and working class.
