Latest news with #AndrewRein
Yahoo
02-05-2025
- Business
- Yahoo
NYC lost high earners and billions in income, with migrants reversing population decline: report
Escape from New York City. New York City witnessed an outflow of tens of thousands of high-earning residents from 2017 through 2022 who took billions of dollars of income with them, although the Big Apple saw a population increase in 2023 and 2024 spurred on by an influx of migrants, according to a new report. The Big Apple's population started to decline in 2017 and then plummeted during the pandemic by nearly a half-million residents between April 2020 and July 2022, according to the report by the nonpartisan Citizens Budget Commission (CBC), based in Albany. The report notes that many of the transplants fled to Miami-Dade and Palm Beach counties in Florida, and the total amount of personal income to leave the state for Florida came in at $13.7 billion. New York Lost More Residents In A Year Than Any Other State In The Country, Us Census Data Shows For instance, individuals moving to Miami-Dade County had an average income exceeding $266,000, while those relocating to Palm Beach County averaged around $189,000. Read On The Fox News App Those leaving were driven by the pandemic, immigration policy, affordability concerns, quality of life issues and work opportunities, per the report. New York City implemented severe lock-downs while Florida, after a brief shutdown, aggressively began reopening and banned vaccine mandates by employers and businesses. As well as Florida, New Yorkers headed to suburbs on Long Island and Westchester, and nearby states like New Jersey, Connecticut and Pennsylvania. Those leaving the tristate region also moved to California and Texas. "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." Red States See 2023 Population Growth As Americans Flee Blue States, Census Data Shows Recently, the outward trend reversed with the population of New York City growing by 120,000 residents over the last two years, per the report. Although not mentioned in the report, that would still indicate a net outflow of New York residents leaving the city, given New York City Mayor Eric Adams said the city has catered to more than 234,000 asylum seekers since the spring of 2022. Andrew Rein, president of the CBC, said New York City's long-term success depends on its ability to stay competitive. He said that CBC also released an interactive tracker to understand the key trends and view key metrics on population trends, jobs, economic growth and more. "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. New York state and its localities are the national high-tax leaders, having collected the most taxes per person—23% more than second-place California and 79% more than the national average, per the report. New York maintains its first-place ranking when assessing taxes as a portion of personal income. With a population of around 8.25 million people, New York City's FY 2025 budget is $110 billion. In comparison, Florida's population is nearly three times as big, at 23.35 million people, with an annual budget of $115.6 billion. The Sunshine State famously has no income tax. According to a survey by the CBC, New Yorkers feel quality of life and public safety declined from 2017 to 2023, with only 30% rating life as good or excellent, down from 51% with many feeling unsafe in subways and parks, especially at night. Still, most view local parks, playgrounds and cultural offerings positively, which helps attract residents and tourists, the report article source: NYC lost high earners and billions in income, with migrants reversing population decline: report
Fox News
02-05-2025
- Business
- Fox News
NYC lost high earners and billions in income, with migrants reversing population decline: report
Escape from New York City. New York City witnessed an outflow of tens of thousands of high-earning residents from 2017 through 2022 who took billions of dollars of income with them, although the Big Apple saw a population increase in 2023 and 2024 spurred on by an influx of migrants, according to a new report. The Big Apple's population started to decline in 2017 and then plummeted during the pandemic by nearly a half-million residents between April 2020 and July 2022, according to the report by the nonpartisan Citizens Budget Commission (CBC), based in Albany. The report notes that many of the transplants fled to Miami-Dade and Palm Beach counties in Florida, and the total amount of personal income to leave the state for Florida came in at $13.7 billion. For instance, individuals moving to Miami-Dade County had an average income exceeding $266,000, while those relocating to Palm Beach County averaged around $189,000. Those leaving were driven by the pandemic, immigration policy, affordability concerns, quality of life issues and work opportunities, per the report. New York City implemented severe lock-downs while Florida, after a brief shutdown, aggressively began reopening and banned vaccine mandates by employers and businesses. As well as Florida, New Yorkers headed to suburbs on Long Island and Westchester, and nearby states like New Jersey, Connecticut and Pennsylvania. Those leaving the tristate region also moved to California and Texas. "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." Recently, the outward trend reversed with the population of New York City growing by 120,000 residents over the last two years, per the report. Although not mentioned in the report, that would still indicate a net outflow of New York residents leaving the city, given New York City Mayor Eric Adams said the city has catered to more than 234,000 asylum seekers since the spring of 2022. Andrew Rein, president of the CBC, said New York City's long-term success depends on its ability to stay competitive. "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. New York state and its localities are the national high-tax leaders, having collected the most taxes per person—23% more than second-place California and 79% more than the national average, per the report. New York maintains its first-place ranking when assessing taxes as a portion of personal income. With a population of around 8.25 million people, New York City's FY 2025 budget is $110 billion. In comparison, Florida's population is nearly three times as big, at 23.35 million people, with an annual budget of $115.6 billion. The Sunshine State famously has no income tax. According to a survey by the CBC, New Yorkers feel quality of life and public safety declined from 2017 to 2023, with only 30% rating life as good or excellent, down from 51% with many feeling unsafe in subways and parks, especially at night. Still, most view local parks, playgrounds and cultural offerings positively, which helps attract residents and tourists, the report said.
New York Post
01-05-2025
- Business
- New York Post
$14B in income vanished from NYC after residents fled to Florida
Tens of thousands of New York City residents have fled the northeast for warmer climes in a five-year period — taking with them nearly $14 billion worth of income out of the Empire State. A new report by the nonpartisan Citizens Budget Commission found around 30,000 Big Apple dwellers moved to Florida between 2017-2022, many of them ending up in Miami-Dade and Palm Beach counties. The city has seen a reduction in its adjusted gross income of $9.2 billion from relocations to those two counties alone, and a total of $13.8 billion when accounting for thousands more who moved to other parts of the Sunshine State. New Yorkers have fled the Empire State for Florida in a five-year period. Felix Mizioznikov – The report chalked up the mass migration to factors including lingering effects of the pandemic, as well as general affordability, quality of life concerns and safety. 'Simply put, though, some people found the value proposition of other places to be higher than New York City,' CBC president Andrew Rein told The New York Sun. Florida isn't the only locale gaining income as residents flee New York City. Long Island increased its population by some 138,000 NYC expats during that same five-year period, resulting in another $11.1 billion drop in adjusted gross income for the city. Some 60,000 ex-city dwellers also moved to Westchester County in that time, depriving the city of another $5 billion worth of income.
Toronto Sun
30-04-2025
- Business
- Toronto Sun
NYC lost $9 billion of income to Miami, Palm Beach in five years
(Bloomberg) — A net 30,000 New Yorkers fled the city for Florida's Palm Beach and Miami-Dade counties in the five years through 2022, taking with them a combined $9.2 billion in income, a new report shows. This advertisement has not loaded yet, but your article continues below. Subscribe now to read the latest news in your city and across Canada. Subscribe now to read the latest news in your city and across Canada. The coronavirus pandemic, the cost of living and some quality-of-life concerns have made other parts of the country more attractive for some New York City residents. States like New Jersey, Florida, California and Pennsylvania gained residents relocating from New York during the span covered in the report, according to the CBC data. The two Florida counties gained households earning well above six figures, according to the report released Wednesday by the Citizens Budget Commission, a nonpartisan fiscal watchdog. Almost 20,000 people with a per capita income of about $190,000 left New York City for Palm Beach during that time, while more than 26,000 individuals with a per capita income of about $266,000 went to Miami-Dade, according to the group. This advertisement has not loaded yet, but your article continues below. Article content 'Our competitiveness depends in part on quality of life and public safety,' CBC President Andrew Rein said during a media briefing prior to the release of the data. 'That's the value proposition. If you feel safe and you enjoy your life, you're going to want to be here.' Not everyone leaving the city left the state. A net of nearly 138,000 city residents relocated to New York's Long Island during those years, reducing the Big Apple's adjusted gross income by a combined $11.1 billion, according to the CBC data. Westchester County, just north of the city, gained almost 60,000 net new residents, cutting the city's adjusted gross income by $5 billion. While the total number of millionaires in New York swelled from almost 36,000 in 2010 to almost 70,000 in 2022, the state's share of US millionaires actually declined, according to the report. In 2010, New York was home to 12.7% of the county's millionaires, a percentage that fell to 8.7% by 2022, even as states like California, Texas and Florida saw their shares of the country's wealthiest people increase. Tracking the movements of New York's millionaires has become a fraught political issue because the top 1% of the city's tax filers pay 40% of the income taxes. The CBC data also breaks down migration out of the city by race and ethnicity, income and age. Since 2018, New York City's population loss has been led by its highest earners and also millennials, those born in the 1980s and early 1990s. New York City's overall population increased in 2023 and 2024 after six years of decline, due to international migration to the city, the CBC said.
