Comment by prewett
11 hours ago
Apparently the rich have already been moving out of NYC: from 2010 to 2022 the percent of people in the US with $1+ million in federal taxable income dropped from 6% to 4% [1]. A whole bunch left during the pandemic (unsurprisingly), according to [2], but it did not say if they came back afterwards. These aren't great articles, just the first that DDG gave me, but it suggests that there may actually be a trend.
[1] https://nypost.com/2025/08/28/opinion/with-the-rich-already-...
[2] https://capwolf.com/why-millionaires-are-fleeing-new-york-in...
Interesting then that during that time period 8 skyscrapers were built in Billionaire's Row
https://en.wikipedia.org/wiki/Billionaires%27_Row
Your first link is an opinion article from the NY Post, I would not consider that to be unbiased reporting (really, we should not be using the opinion section of any newspaper for any of this).
Second link is a financial industry-oriented source, one I've never heard of in any journalistic capacity, and I am not so sure about their motivations to write an article like that.
For example:
> Quality of Life: Rising crime and strained infrastructure.
Rising crime is factually untrue, and NYC is one of the safest cities of any size in the country. Just one example: https://www.nyc.gov/site/nypd/news/PR006/nypd-fewest-murders...
I would also make the argument that primary residence and income tax optimization tricks mean that many of these people with very high incomes still spend a lot of time if not most of their time in NYC. If you're making $1+ million a year in W2 income you most definitely own more than one property and are probably important enough in your work to be able to restructure your income to keep it out of NY State income tax collection. Get paid in stock options, or send your paycheck down to your Florida condo and totally live there 6 months out of the year.