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Even post-COVID, the exodus of wealthy New Yorkers will continue until the plague of city mismanagement also ends.
Goldman Sachs is relocating 100-plus key employees from the city to Palm Beach, Fla., to save money and grow its operations strategy beyond Wall Street. That includes partners who earn a million a year before typically far-larger bonuses.
So while Wall Street execs who are pushing their people to return to the office make a lot of headlines, other CEOs are looking to move the entire office, or part of it, after the last 15 months proved how practical it is.
Notably, Bloomberg found that only 9,000 of the 19,000 New Yorkers who moved to Florida to ride out COVID say they definitely plan to return.
The wealthy have been fleeing the city all pandemic long, to lower-tax, lower-cost-of-living and lower-crime alternatives. That means big trouble ahead for those left behind, as the top 2 percent of earners supply 51 percent of New York’s income-tax take.
Add in middle-class flight, and all the young upstaters leaving for lack of job opportunities, and you see why New York is one of just seven states to lose a House seat after the 2020 census.
Without foreign immigration, the state population would be shrinking: Last year, 100 New Yorkers moved out of state for every 84 who moved in from another state.
Bottom line: Mayoral hopeful Eric Adams is entirely right to warn his own party to quit trying to run the rich out of the city and change the tune to “We need you here.”
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