MIAMI, Florida – New York City has lost $9.2 billion in income between 2017 and 2022 as approximately 30,000 residents relocated to Miami-Dade and Palm Beach counties in Florida, according to a Citizens Budget Commission (CBC) report first reported by Bloomberg.
This migration of high-income earners exacerbates the city’s fiscal challenges, with a projected budget deficit exceeding $7 billion by 2025.
The CBC report details that around 20,000 New Yorkers with an average per capita income of $190,000 moved to Palm Beach County, while over 26,000 with an average per capita income of $266,000 relocated to Miami-Dade County during the five-year period…