Home
 
Choose Your City
Change City

Report: Rich New Yorkers don't move from NYC more than other residents

An Independent Budget Office analysis found that the wealthiest residents don't move out of the city any more or less than other New Yorkers.

Many have predicted a mass exodus of rich New Yorkers because of higher taxes in the city.

"The wealthy are mobile," former Mayor Michael Bloomberg warned in October 2012. Proposals to raise taxes on the rich, including one by then-Public Advocate Bill de Blasio to fund universal prekindergarten, could drive them out, he said.

But the wealthiest residents don't move out of the city more often than other New Yorkers, according to a report released on Monday.

The share of higher-income households that left the city in 2012, 1.8 percent, was the same as the share of lower-income households that moved, the analysis by the city's Independent Budget Office found.

RelatedArticles

Of about 124,300 departing households in all income levels, 21.1 percent moved within New York state in 2012. New Jersey, followed by Florida, California and Pennsylvania were also among the top destinations.

Households with incomes over $500,000 also moved within New York more than anywhere else in 2012, followed by New Jersey, Connecticut and California. Only 2 percent of wealthy New Yorkers who moved that year left for Florida, which has no individual income tax.

The study didn't analyze the reason for the move. Julie Anna M. Golebiewski, the report's author, said New Yorkers would weigh several factors before moving.

"If taxes are considered, they're considered amongst employment, income, job growth, weather -- who knows?" she said.

Follow Anna Sanders on Twitter @AnnaESanders

 
Consider AlsoFurther Articles