According to newly disclosed Internal Revenue Service data, almost 300,000 of the wealthiest inhabitants of New York City who left during the early stages of the coronavirus pandemic two years ago earned $21 billion in total income in 2019.
The amount, which was derived from IRS tax files received in 2020 and 2021, is the highest outflow of money from New York City ever noted.
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The New York Times, which broke the $21 billion story, claims that it is double the typical amount of emigration from New York during the previous ten years.
The IRS reports that 21,000 New Yorkers moved to Florida in 2020, roughly doubling the average net loss each year prior to the epidemic.
Large financial institutions opened offices in the Sunshine State, luring many city professionals. The average salary of New Yorkers who relocated to Palm Beach County was $728,351, according to the IRS.
Additionally, data reveals that residents of cities have migrated to Long Island, Westchester, New Jersey, and Connecticut suburbs. Others choose to live in states with greater open landscapes, such as Wyoming, Colorado, Utah, and Hawaii.
Since New York City and the state rely on a progressive income tax system where the top earners pay a higher proportion of taxes, which are then used to fund essential public services like schools, mass transportation, police, and the fire department, the effects of the flight of wealth could be huge.
Many of those who left do, in fact, point to the city’s oppressive tax burden as a major deterrent.
A Miami-based financial consultant who left Manhattan in 2020 stated, “We just cut NYC a check and didn’t realise what we were doing.
It’s 50% of our income — federal, state, city, and then all these other ancillary issues. I struggle with it because I miss it so much. I visit as often as I can, but I want to be a resident of Florida.
Financial statistics show that the top 1% of earnings in New York City earn more than $804,000 annually. Their personal income taxes made up 41% of the total income tax collected by the city in 2019.
According to The Times, a third of all New Yorkers who left the city in 2020 did so from Manhattan. The departing Manhattan residents made an average of $214,300 per year.
According to the study, the salary discrepancy between city dwellers who relocated out of state and those who did so the previous year was 24%, the biggest in at least ten years.
According to Census Bureau data, more than 337,000 people left the city between April 2020 and June 2021, which is more than three times the average annual departure rate for immigrants.
A major driver of the city’s growth, the number of foreign immigrants, fell to about 25% of pre-pandemic levels.
Tens of thousands of people died from the contagion, which was about 17,000 more than in a typical year. This had a significant impact on the city’s population.
City officials are certain that the worst is behind and that travel patterns are back to what they were before the pandemic. They cite rising rents and data showing a change in address as evidence that individuals are moving back home.
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However, demographers are unable to forecast when they expect the city to fully recover from the population loss that occurred in the early stages of the pandemic.
