New York City Faces $13.8 Billion Income Loss as Wealthy Residents Flee to Florida

New York City is grappling with a significant economic challenge as a substantial number of high-income residents have relocated to Florida, resulting in a considerable loss of taxable income. Between 2017 and 2022, nearly 30,000 individuals moved from NYC to Florida, particularly to Miami-Dade and Palm Beach counties, leading to a $9.2 billion reduction in the city’s adjusted gross income. When accounting for those who moved to other parts of Florida, the total income loss for NYC amounts to approximately $13.8 billion.

This migration trend is attributed to various factors, including pandemic-related changes, quality-of-life concerns, affordability issues, and safety considerations. The exodus has not only impacted New York City but also contributed to population gains in neighboring regions such as Long Island and Westchester County, which have seen respective income losses of $11.1 billion and $5 billion for the city.

The departure of affluent residents poses a significant challenge to NYC’s economy, as it diminishes the city’s tax base and potentially affects funding for public services and infrastructure. Policymakers and city officials are now tasked with addressing the underlying issues driving this migration to mitigate further economic repercussions.​