New York City Exodus?

Last Real Estate & 9/11 related post today: It is somewhat ironic that New Yorkers by and large stuck it out post-September 11th; however the changes in State and Local Tax (SALT) deductibility may be having some sort of an impact.

About 100,000 people per year depart NYC; thats out of 7 million+ residents, with a simultaneous influx of people coming to start careers here. It is a relatively small number, but it is rising — it doubled the exit of last year — is important and worth noting.

Yes, there is a natural migration as people hit retirement age –in the East (and parts of the Mid-West), its towards places like Florida, the Carolinas, etc; in the West (and parts of the Mid-West), its towards Arizona, New Mexico, and Texas.

I am curious how much of this shift is demographics, and how much is something economic and tax related…

 

More People Are Leaving NYC Daily Than Any Other U.S. City


Source: Bloomberg