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MILLIONAIRES ARE FLOCKING BACK TO NEW YORK CITY AS PEOPLE MAKING LESS THAN
$172,000 MOVE OUT

Juliana Kaplan
Dec 6, 2023, 12:24 AM HST
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Townhouses on the Upper West Side of New York City. Barry Winiker/Getty Images
 * Millionaires are flocking back to New York City, as residents earning under
   $172,000 flee.
 * It comes after New York's pandemic economy briefly made life a little easier
   for lower-earners.
 * Now, higher-earners are coming back, and their wealth is growing.

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There's a familiar refrain about New York City: If you can make it here, you can
make it anywhere. And, as the cost of living stays high, it seems like those who
can make it — and want to be in the city — are high-earners.

A new report from the nonprofit Fiscal Policy Institute finds that, despite the
many rumblings that New York City was dead, that didn't deter millionaires from
moving back in. While the city lost 2,400 millionaires from 2020 to 2022, that
was offset and then some by the 17,500 millionaires who moved in during the same
time, per the report's analysis of ACS data.

At the same time, lower-earning New Yorkers were throwing in the towel on the
city. The report found that, across income quintiles, New Yorkers making between
$32,000 and $65,000 were leaving the city most. Over 65,000 New Yorkers in that
second income quintile migrated from 2017 to 2022, compared to just over 50,000
New Yorkers earning over $172,000. In total, nearly 200,000 New Yorkers making
under $172,000 migrated out during that five-year period.

That makes sense given how New York's economic recovery took shape. The early
pandemic left the city somewhat barren, and essays about why people were leaving
the city were abundant. Those left behind faced a deadly pandemic, and a topsy
turvy NYC economy: The high earners, who could likely work remotely, were
fleeing. Suddenly rents were plunging, leaving some residents to live in a way
they never could have imagined. Workers who made adjusted gross incomes of under
$50,000 saw those incomes grow by 7.4%, according to data compiled by the New
York City comptroller's office.

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But the bill came due — and then some — for those who aren't the highest of the
high earners. Rents started creeping toward record highs; as of October 2023,
even after a moderate price cooldown, the median rental price in Manhattan was
up 4.6% year-over-year, per Douglas Elliman. To afford childcare in New York
City, a family would have to make about $300,000 a year to meet federal
standards around affordability. According to the Census Bureau, the median
household income in New York City is $74,694.

In summary, the changing economic tides led New York City's middle class to move
out — and for millionaires to move in.

"I call us the 'make too much, but not enough' demographic," Danna Dennis, a
community organizer who moved from Brooklyn to New Jersey in 2019, told the New
York Times. "You either have to be all the way on the top, or you have to be way
on the bottom."

Rich New Yorkers were also only getting richer in 2021, according to data from
the New York City comptroller's office, a reversal from early pandemic trends.
New Yorkers earning between $1 million and $25 million saw their adjusted gross
incomes rise by 21.3% from calendar year 2020 to 2021, and those making over $25
million saw their AGIs grow by 84.5%.

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But the report does illustrate one surprising twist: Even when taxes were raised
on the highest-earning New Yorkers — which happened in 2017 with the new SALT
cap, and higher income taxes in 2021 — they didn't leave. And even when they do
move, according to the report, they're still likely moving to high tax states.
That's good news for city revenues, and maybe for those who say the answer to
mounting inequality is taxing the rich more.

Are you leaving New York City over high costs, or moving in despite them?
Contact this reporter at jkaplan@insider.com.

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WATCH: TAKE A LOOK INSIDE A $28.5 MILLION NYC APARTMENT ON BILLIONAIRES' ROW


Economy New York City NYC

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