New York’s Millionaire Class Is Growing. Other People Are Leaving.
A recent report by the Fiscal Policy Institute shows a reverse trend in New York’s population dynamics. While rich New Yorkers had initially left the city during the pandemic, they are now returning, while lower and middle-income residents are leaving. The fastest leaving group comprises families earning between $32,000 and $65,000, with a high share of Black and Hispanic movers. The study warns that losing these residents, who serve essential services and white-collar industries, might threaten the city’s recovery. The report suggests that it was the high cost of living, not taxes, that drove lower-income families away. The report also indicates that the rich were not deterred by recent tax increases, as they mostly moved to other high-tax states.
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