A report from the Citizens Budget Commission reveals the significant migration of New Yorkers to Florida from 2017 to 2022, resulting in a loss of $13.8 billion in income for New York due to 30,000 residents relocating primarily to Miami-Dade and Palm Beach counties. The reasons for this trend include the pandemic's ongoing effects, affordability, and overall quality of life concerns. Additionally, Long Island and Westchester County have also seen population increases from NYC, contributing further to the income decline.
"Simply put, though, some people found the value proposition of other places to be higher than New York City," CBC president Andrew Rein told The New York Sun.
The city has seen a reduction in its adjusted gross income of $9.2 billion from relocations to those two counties alone, and a total of $13.8 billion when accounting for thousands more who moved to other parts of the Sunshine State.
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