New York State and NYC face devastating exodus of taxpayers

by Peter Heck · Nov 16th, 2020 9:09 am
21

Last Updated Nov 17th, 2020 at 12:12 pm

Experts are expressing concern about the long-term economic health of New York in the wake of COVID-19 and the corresponding response orchestrated by state and local leaders as thousands leave the city.

Data from the U.S. Postal Service indicate that since the pandemic began, 295,103 residents of New York have filed change of address requests. Accounting for more than one person per household indicates that New York has likely lost more than 300,000 residents.

In addition to dense populations that make the state a COVID-19 hotbed, New York City itself has seen a spike in gun homicides and a required $15 minimum wage that hindered the growth of some small businesses. The executive decisions from Gov. Andrew Cuomo and New York City Mayor Bill de Blasio concerning the pandemic have also faced increasing scrutiny.

With the exodus comes a dangerous drop in tax revenue. According to the Real Estate Board of New York, the city and state have lost $1.4 billion in revenue in 2020, as well as profit from the tourism industry.

Cuomo's recent announcement of a second round of business, school, and economic lockdowns is likely to only exacerbate the turmoil.


Comments

There are 21 comments on this article.

You must become a subscriber or login to view or post comments on this article.