Staff Reports
In a shocking turn of events, New York has experienced yet another population decline as hundreds of thousands of residents escape to the sun-soaked, low-tax havens of Florida and Texas. The bustling city that never sleeps has lost a staggering 101,984 individuals, marking the largest population decline of any state in the nation. The U.S. Census Bureau estimates reveal an alarming trend of New Yorkers seeking refuge elsewhere, with a net outmigration of 216,778 residents fleeing the Empire State for greener pastures.
The silver lining in this mass exodus is the apparent slowdown in New York’s outmigration, with 81,000 fewer residents bidding adieu to the state in 2023 compared to the previous year, representing a 27% drop. While this could be interpreted as a glimmer of hope for the struggling state, the data from the Census Bureau paints a different picture. The Empire Center, a reputable source, has pointed out that New York’s migration losses are still well above the historical average, dating back to the 1970s. The magnitude of this population drain is simply unprecedented!
New York losing more taxpayers to outmigrationhttps://t.co/U056xfs9eO
— The Center Square (@thecentersquare) December 21, 2023
The Empire Center’s blog post highlighted the staggering loss of 884,000 residents from New York to other states since 2020, a statistic that should set off alarm bells for those vested in the state’s future. Notably, New York suffered a net domestic migration loss of 1.1% of its population in 2023, surpassing every other state in this alarming category except for California. Yes, California! The fact that New York is even competing with the Golden State in population loss is a cause for grave concern.
Alas, the exodus doesn’t end with New York. Other bold and resolute states such as California, Illinois, and Pennsylvania also experienced population declines, albeit not as severe as that of New York. On the flip side, New Jersey’s slight population increase was somewhat salvaged by an influx of new international residents, a fact that might offer New Jerseyites a glimmer of hope.
However, the real winners of this population chess game are none other than Texas and Florida, two states that have seen a substantial surge in population. Texas, with its lone-star charm, boasted the largest population increase in 2023, gaining 473,453 residents, closely followed by the sunny haven of Florida, which welcomed a net gain of 365,205 residents. It seems the low taxes and warm climates are proving irresistible to those seeking solace from the woes of heavily burdened states.
Despite the overwhelming evidence of New York’s dwindling population, some critics are quick to attribute this exodus to the state’s exorbitant cost of living and housing shortages. These factors, combined with numerous other issues, have culminated in what can only be described as a crisis of epic proportions. The population decline is not only a human tragedy but also has dire financial repercussions for the state, affecting its revenue and tax collections.
IRS figures are truly eye-opening, revealing that New York hemorrhaged a mind-boggling $24.5 billion in state-adjusted gross income in 2021 as residents sought refuge in places like New Jersey and Florida, which boast much lower tax rates. The sheer scale of this fiscal hemorrhage is staggering and demands urgent attention from policymakers. Our once proud Empire State lost over 261,785 residents in just a single year, resulting in an estimated tax income loss of a staggering $45 billion. These figures are nothing short of catastrophic!
The alarming trend of New York’s inability to retain its residents has led to an estimated loss of a whopping $1.1 trillion in adjusted gross income due to net outmigration from 2000 to 2020. Let that sink in for a moment – it’s an unfathomable loss that has undoubtedly left the state reeling. There is no sugar-coating this devastating news – New York is bleeding its most valuable resource, its people, and hemorrhaging tax revenue in the process. The time for action is now!
