Latest news with #outmigration
Yahoo
a day ago
- Business
- Yahoo
More than 125,000 residents have fled NYC for Florida since 2020 — but don't count the Big Apple out just yet
Like Kurt Russell in his 1981 classic, a notable number of city dwellers have been trying to Escape from New York in recent years. Citizens Budget Commission (CBC) data gathered by New York Post suggests that over 125,000 residents have left the Big Apple for Florida since 2020. These expats took an estimated $13.8 billion aggregate income along with them. Thanks to Jeff Bezos, you can now become a landlord for as little as $100 — and no, you don't have to deal with tenants or fix freezers. Here's how I'm 49 years old and have nothing saved for retirement — what should I do? Don't panic. Here are 6 of the easiest ways you can catch up (and fast) Nervous about the stock market in 2025? Find out how you can access this $1B private real estate fund (with as little as $10) But Florida isn't the only state attracting New Yorkers in recent years. City residents have also moved to nearby states like New Jersey, Connecticut, Pennsylvania and distant states like California and Texas. This level of out-migration could have a significant impact on the city's economy. Here's why the CBC report believes New York City is at an 'inflection point' and the trend could reverse. A city that loses residents also loses tax revenue. This problem is particularly acute in New York, which taxes its residents higher than most other parts of the country. On a per capita basis, the state of New York collected $12,751 in 2022, 79% higher than the national average and the highest among all 50 states, according to the CBC report. Out-migration in recent years could create a shortfall in tax revenue in the years ahead. The city's budget could see a gap ranging from $7.8 billion to $10.1 billion, according to the CBC's estimates. Faced with a gap in its coffers, city officials might have to make difficult decisions about how much they borrow or spend to manage city services. However, there are signs that the city's population and aggregate income is growing, which could mitigate some of this gap. Read more: Want an extra $1,300,000 when you retire? Dave Ramsey says — and that 'anyone' can do it New York City Mayor Eric Adams recently announced that the city's population decline was over and that the number of residents was on an upswing. The city's population grew in 2023 and 2024 and stands at 8,478,000 people as of March. International migration is a key reason for this reversal. While the city is losing some residents to other states, it's gaining residents from other countries in recent years, according to the CBC report. The growth in job opportunities has helped too. Since 2020, the number of healthcare and social assistance jobs in the city has increased by 27%, while jobs in financial activities, securities and transportation and warehousing also saw modest growth. The pushback on remote work in recent years could have pulled more employees back to the city as well. If these trends continue, New York's future may not be as gloomy as it once seemed. "The numbers do not lie. Our city's best days still lie ahead of us," Mayor Adams said in the press release. "Jobs are at their highest levels in city history, crime is down across the five boroughs and people are coming back to the greatest city on the globe. New York City has emerged from the darkest days of the pandemic and continues to take leaps towards a brighter future. Believe the hype: New York City is back." Rich, young Americans are ditching the stormy stock market — here are the alternative assets they're banking on instead How much cash do you plan to keep on hand after you retire? Here are 3 of the biggest reasons you'll need a substantial stash of savings in retirement Robert Kiyosaki warns of a 'Greater Depression' coming to the US — with millions of Americans going poor. But he says these 2 'easy-money' assets will bring in 'great wealth'. How to get in now Here are 5 'must have' items that Americans (almost) always overpay for — and very quickly regret. How many are hurting you? Like what you read? Join 200,000+ readers and get the best of Moneywise straight to your inbox every week. This article provides information only and should not be construed as advice. It is provided without warranty of any kind.
Wall Street Journal
20-05-2025
- Politics
- Wall Street Journal
Where Rep. Mike Lawler Goes Wrong on SALT
In his May 17 letter 'Why I Won't Give In on the SALT Deduction,' Rep. Mike Lawler (R., N.Y.) writes that the $10,000 cap on deductions for state and local taxes was 'an arbitrary pay-for in the 2017 tax bill.' I respect my congressman, but this isn't true. The cap was a counterweight to keep a lid on high-tax states from increasing their burden on working families with impunity. This is one of the only mechanisms the federal government has to do so. If New York doesn't work to temper its tax environment to meet that threshold, it will continue to suffer severe outmigration. In holding out for a higher cap for the SALT deduction, Rep. Lawler is choosing not to look at the problems affecting his district and state. If 74% of voters want to get rid of 'double taxation' as he claims, perhaps state pols should stop taxing everyone so much. Responsible states shouldn't be punished for Albany's profligacy.
