New Yorkers Flock to Florida Over a Five-Year Period, Taking Nearly $14 Billion in Income With Them

The departure of affluent individuals from New York City has raised concerns over the economic consequences of losing tax revenue. A report indicates that approximately 30,000 New Yorkers moved to Florida between 2017 and 2022, taking about $13.8 billion in income with them. This migration, primarily to Palm Beach and Miami-Dade, significantly reduced New York's adjusted gross income, with analysts noting a ripple effect on both tax revenues and local economy. The factors behind this trend include the ongoing impact of the COVID-19 pandemic, attracting various demographics seeking new opportunities.

New York City's adjusted gross income was reduced by another $4.6 billion as thousands more left the city and moved to other places in Florida.

More than 30,000 New Yorkers relocated to Florida's Palm Beach and Miami-Dade counties over five years, taking with them $13.8 billion in income.

Read at The New York Sun