Posted 1/28/2024, 12:00:00 PM
NYC's Millionaire Class Booms While Middle Class Flees Unaffordability
- New York saw an exodus of high-income residents early in the pandemic, but its millionaire class has since swelled by 30% while lower-income residents continue leaving
- The overall population decline has been driven by middle-income households earning $32K-$65K per year
- Wealthy New Yorkers who stayed grew even wealthier thanks to stimulus policies, low rates, and the stock market
- NYC remains unaffordable for many, with over half of renters "rent-burdened" and cuts to services looming
- Past tax hikes didn't trigger an exodus of the top 1%; taxing the rich could fund services to retain middle-class families