Posted 12/6/2023, 1:00:00 AM
NYC sees millionaire household comeback amid continued middle-class exodus
- Millionaire households are returning to New York in large numbers after an exodus during the pandemic, with a net gain of 15,100 from 2020-2022
- The influx contrasts with continued losses of lower and middle income residents, worrying experts about affordability
- In 2022, the top 1% of earners left at lower rates than other income groups, reverting to pre-pandemic trends
- Over 65,000 middle income residents left in 2022, seeking cheaper costs of living elsewhere
- Experts say retaining middle class is a priority and raising taxes on the wealthy could help fund affordability measures