Approximately $14 billion worth of income has fled the Big Apple as more than 125,000 New Yorkers moved to Florida in recent years.
About a third of those residents — some 41,251 — flocked to Miami-Dade, Palm Beach, and Broward counties in South Florida over a five-year period, the New York Post reported Thursday, citing data from the Citizens Budget Commission, a nonpartisan New York-based fiscal watchdog.
New residents to those three counties alone between 2018 and 2022 resulted in an approximately $10 billion reduction in New York City’s adjusted gross income, the Post reported. And that’s not counting the additional $3.8 billion from the more than 85,000 others who relocated to other parts of the Sunshine State.
Those leaving the city are doing so because they are “getting something more beneficial to them” elsewhere, CBC President Andrew Rein told the Post.
“The key is with any place you need the benefits to outweigh the cost,” Rein said. “The question right now for New York is, what do we offer? We have to make sure the benefits of being in New York are worth the cost.”
The report said factors causing the mass migration included the lingering effects of the COVID-19 pandemic, as well as general affordability, quality-of-life concerns, and safety. Rein noted the percentage of New Yorkers who said life in the city was “good or excellent” dropped from 50% pre-pandemic to just 30% last year.
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Author: Dillon B
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