NYC’s Decline: High Earning Individuals Left While Population Increased with Migrants

A recent report reveals that between 2017 and 2022, New York City experienced a significant departure of affluent residents, resulting in the loss of billions of dollars in income. Despite this, the city saw a resurgence in population growth in 2023 and 2024, largely fueled by the arrival of migrants.

Fox News reports on the nonpartisan Citizens Budget Commission (CBC), headquartered in Albany, which concluded the city’s population decline began in 2017 and worsened during the COVID-19 pandemic. Between April 2020 and July 2022, nearly 500,000 residents left the city.

The CBC report highlights that many of those relocating chose to settle in Florida, specifically in Miami-Dade and Palm Beach counties. In total, $13.7 billion in personal income shifted from New York to Florida during that period.

“The people leaving New York City may be choosing a place offering them a higher value proposition through a better mix of quality of life and cost of living,” the report states. “Notably, Florida and Texas have lower taxes. While New Jersey and the rest of New York State have relatively high taxes—even if lower than New York City—they apparently offer amenities making the choice to leave worth it for some.”

Factors influencing these moves included the pandemic, immigration policies, the cost of living, lifestyle considerations, and job prospects. The report notes that while New York City imposed strict lockdown measures, Florida moved quickly to reopen and even prohibited vaccine mandates for businesses and employers.

In addition to Florida, former New Yorkers relocated to surrounding suburbs such as Long Island and Westchester, as well as nearby states including New Jersey, Connecticut, and Pennsylvania. Some also moved farther afield to states like California and Texas.

In contrast, the past two years have seen an uptick in the city’s population, which grew by 120,000 people, according to the report. However, that growth is overshadowed by the broader trend of outmigration, especially considering New York City Mayor Eric Adams has stated that over 234,000 asylum seekers have arrived since spring 2022.

Andrew Rein, president of the CBC, emphasized that the city’s ability to thrive in the long term will rely on its capacity to remain attractive to both residents and businesses.

“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.