Key Takeaways:
🏙️ 125,000+ New Yorkers left for Florida in the last 5 years, taking $14 billion in income.
💸 $10 billion of that loss came from people moving to Miami, Palm Beach, and Broward counties.
🚨 Why? High costs, safety concerns, quality of life, and pandemic impacts.
📉 New York’s share of U.S. millionaires dropped sharply, even as their numbers grew.
What’s Happening?
Over the past five years, 125,000+ New Yorkers moved to Florida, draining New York of $14 billion in taxable income. Many were high earners, making the financial hit even worse.
Where Did They Go?
- Florida Hotspots: Miami, Palm Beach, and Broward counties attracted 41,251 New Yorkers (avg. income: $266k in Miami!).
- Other Florida Areas: $3.8 billion more went to smaller cities/towns.
- Nearby Suburbs: Long Island, Westchester (NY), and parts of Connecticut/NJ also gained thousands of ex-New Yorkers.
Why Are People Leaving?
1️⃣ Cost of Living: Taxes and expenses in NYC are too high.
2️⃣ Safety & Quality of Life: Only 30% of New Yorkers now rate city life as “good” (down from 50% pre-pandemic).
3️⃣ Remote Work: Pandemic shifts let people prioritize affordability and space.
4️⃣ Taxes: NY’s top 1% pay 40% of state income taxes—so losing them hurts.
Quote from Andrew Rein (CBC President):
“People go where the benefits outweigh the costs. New York needs to ask: What do we offer?”
Financial Impact on New York
| Destination | People Who Left | Income Lost |
|---|---|---|
| Florida (Miami, etc.) | 41,251 | $10 billion |
| Other Florida Areas | 83,749+ | $3.8 billion |
| Long Island, NY | 138,000 | $11.1 billion |
| Westchester, NY | 60,000 | $5 billion |
| Total Loss | 230,000+ people | $36.8 billion |
Millionaire Migration
Even though NY’s millionaires doubled (36,000 to 70,000) from 2010–2022, the state’s share of U.S. millionaires fell from 12.7% to 8.7%. Translation: Other states are attracting wealthy residents faster.
What’s Next for New York?
Rein says NY must:
✅ Lower taxes.
✅ Improve safety.
✅ Boost quality of life.
“Some people just found better value elsewhere.”
In a Nutshell: New York’s losing people and money to places offering lower costs, safety, and a better lifestyle. Can the city turn things around?