NYC Loses High Earners and Billions as Migrants Reverse Population Decline

New York City’s revolving door has been spinning at record speed over the past several years. From 2017 through 2022, tens of thousands of high-income residents made their exit, taking a jaw-dropping $13.7 billion in personal income with them, according to a recent Citizens Budget Commission report. Where did they land? Florida, mostly—Miami-Dade and Palm Beach counties rolled out the welcome mats, with newcomers earning average incomes north of $266,000 and $189,000, respectively. If you ever wondered where all those rooftop brunchers went, just check out the Miami skyline.

The exodus wasn’t just about sunshine. The CBC points to pandemic lockdowns, rising living costs, shifts in immigration policy, and, let’s face it, a less-than-stellar quality of life as key culprits for the Big Apple’s shrinking population. While New York doubled down on restrictions, Florida was quick to reopen, even banning vaccine mandates for businesses. Meanwhile, some New Yorkers opted for suburbs in Long Island, Westchester, or neighboring states like New Jersey, Connecticut, and Pennsylvania. Others even made the trek to California and Texas—because apparently, traffic jams and high rent are a national pastime.

The CBC report sums it up: those leaving are chasing a better deal, whether it’s lower taxes in Florida and Texas or a different vibe in Jersey. And let’s talk about taxes—New York leads the nation, with state and local governments collecting 23% more per person than even California, and a whopping 79% above the national average. As for budgets, New York City (pop. 8.25 million) clocks in at $110 billion for FY 2025, while Florida (pop. 23.35 million) manages $115.6 billion—with zero income tax. If only you could pay your rent in sunshine.

But here’s the plot twist: after years of population decline, New York City actually grew by 120,000 residents over the last two years. The catch? Much of the growth is credited to an influx of migrants and asylum seekers—over 234,000 since spring 2022, according to Mayor Eric Adams. So, while longtime locals may be packing up, newcomers are keeping the city buzzing.

Still, the city’s allure isn’t totally faded. Parks, playgrounds, and that unbeatable cultural scene continue to attract both residents and tourists. Yet, a CBC survey reveals only 30% of New Yorkers rated life as good or excellent by 2023, down from 51% in 2017, with safety concerns in subways and parks casting a shadow on city life. Andrew Rein, president of the CBC, underscores that New York’s future hinges on its ability to stay competitive—balancing affordability, quality of life, and that legendary city energy.