Overview

• Between 2017 and 2022, New York City experienced a significant outflow of high-earning residents, resulting in the loss of nearly $14 billion in personal income.
• More than 150,000 residents relocated to Florida during this period, with Miami-Dade and Palm Beach counties being key destinations for affluent individuals.
• Recent population gains in NYC, totaling 120,000 over 2023 and 2024, are largely attributed to the arrival of over 234,000 asylum seekers since 2022.
• Key factors driving the exodus include high taxes, affordability issues, quality-of-life concerns, and pandemic-related policies, while Florida's lack of state income tax and lower cost of living attract former New Yorkers.
• City leaders and analysts emphasize the need for NYC to address competitiveness, affordability, and public safety to retain residents and sustain its economic vitality.