(ZeroHedge)—More than 125,000 New Yorkers relocated to Florida over a recent five-year span, draining the Empire State of nearly $14 billion in income, according to a new report from the Citizens Budget Commission (CBC), a nonpartisan fiscal watchdog, reported on by the New York Post.
Roughly a third of those fleeing New York City—some 41,251 residents—resettled in Miami-Dade, Palm Beach, and Broward counties between 2018 and 2022, resulting in a $10 billion loss in adjusted gross income (AGI) for the city. An additional $3.8 billion in income was lost to other Florida destinations.
“They are getting something more beneficial to them,” said CBC President Andrew Rein. “The key is with any place you need the benefits to outweigh the cost. The question right now for New York is what do we offer?”
The CBC attributes the exodus to a mix of affordability concerns, public safety, quality of life, and lingering pandemic effects. Only 30% of New Yorkers rated city life as “good or excellent” in 2023—down from 50% pre-pandemic.
The Post writes that high-income earners led the charge. Miami-Dade saw an influx of ex-New Yorkers with average incomes topping $266,000. Palm Beach newcomers earned around $189,000, while Fairfield County, Connecticut, drew residents with an average income of $141,000. Notably, New York’s top 1% of earners pay 40% of the state’s income taxes.
“One of the critical issues of our time is keeping our competitiveness for businesses and residents,” Rein said. “We need to focus on ensuring we don’t tax too much, that we are a safe place to live, and that people find quality of life to be high.”
Florida wasn’t the only winner. Nearby suburbs absorbed thousands of city dwellers:
- Long Island gained 138,000 NYC expats, costing the city $11.1 billion in AGI.
- Westchester County added nearly 60,000, for a $5 billion hit.
- Fairfield County took in 31,000, costing $4.9 billion.
- Bergen County, New Jersey, saw over 30,000 newcomers, with a $1.8 billion impact.
Altogether, relocations within the Northeast accounted for a $22.8 billion loss in AGI and a population decline of more than 230,000.
Despite a doubling of millionaires in New York from 2010 to 2022—from 36,000 to 70,000—the state’s share of U.S. millionaires dropped sharply, falling from 12.7% to 8.7%.
“Our competitiveness depends in part on quality of life and public safety,” said Rein. “Simply put, some people found the value proposition of other places to be higher than New York City.”
