Wealthy Exodus from NYC Halts as Lower-Income Residents Leave

New reports suggest the trend of wealthy residents leaving New York City during the pandemic has stopped, while lower- and middle-income residents are now leaving at a faster rate.

• Newly analyzed data suggests that the trend of wealthy residents leaving New York City during the COVID-19 pandemic has halted.
• Reports found that more than 1 out of every 100 state income taxpayers left New York in 2020, including more than 2 out of every 100 in New York City.
• While wealthier New Yorkers exited at an elevated pace in 2020, that rate returned to pre-pandemic levels in 2022.
• Nearly three-quarters of those who did leave during the pandemic left for other high-tax states — including New Jersey, Connecticut and California.
• Lower- and middle-income New Yorkers are now leaving the city at a faster rate, with families making between $32,000 and $65,000 leaving at the fastest rate.

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Gothamist New York Post