New York remains the financial capital of the world, and is home to many generations of wealthy families,” observed National Tax Foundation vice president Jared Walczak. “New York City has kept many high-wealth individuals because it has a lot to offer that most cities simply don't.”
This is extremely volatile revenue that can dry up quickly and with little warning,” said Ken Girardin, research director for the Empire Center for Public Policy. “New York operates costly and inefficient public schools, Medicaid and mass transit systems that have grown accustomed not only to spending that income, but for that income to grow.
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