Escape from New York

The Story

Photo: Chip Somodevilla/Getty Images

News that President Trump—a lifelong New Yorker—will change his permanent residence to Florida was greeted with derision by Governor Cuomo and other state political leaders. They shouldn’t be so quick to laugh, though. Other wealthy residents are packing their bags, too, and their departure will have a significant impact on New York’s ability to pay for its lavish spending.

The Facts You Need to Know

  1. Loss: The Census Bureau recorded a net decline in the number of people in New York City in 2018, the first such drop in years. Read more.

  2. 1%: The highest-earning 1% of New Yorkers pay 42% of the state’s personal income tax. Read more.

  3. Costs: New York State’s retiree health-care liabilities are growing rapidly. Read more.

"Residents of New York City pay the second-highest state-and-local taxes in the country—exceeded only by California’s 13.3 percent."

Steve Malanga, Manhattan Institute senior fellow

Twitter Take

The Past is Present

New York, Still the Opportunity City By Steve Malanga (June 7, 2002)

“What happened in the Bronx was typical of the rest of the city. In Queens, the households earning between $50,000 and $100,000 jumped 58,000, or 38 percent. In Brooklyn, the gains in the same category were similar, up nearly 59,000 households, or 40 percent.”

And in other news...

“The famed ‘Charging Bull’ statue in lower Manhattan will soon be rounded up and moved from its longtime home, drawing criticism from its sculptor and the leadership of a local community group.”