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mass exodus of New York City residents has taken place over the past five years, with tens of thousands fleeing to warmer climates. According to a report by the nonpartisan Citizens Budget Commission, around 30,000 people moved from NYC to Florida between 2017 and 2022, primarily settling in Miami-Dade and Palm Beach counties.

    This migration has resulted in significant economic losses for New York City, with an estimated $9.2 billion reduction in adjusted gross income due to relocations to these two counties alone. When including those who moved to other parts of Florida, the total loss is around $13.8 billion.

    The report attributes this mass migration to various factors, including lingering pandemic effects, affordability concerns, and quality-of-life issues. "Some people found that other places offered a higher value proposition than New York City," said Andrew Rein, president of the Citizens Budget Commission.

    While Florida has been a major destination for NYC residents, it's not the only location gaining income from this migration. Long Island saw an influx of 138,000 expats from NYC during the same period, resulting in another $11.1 billion drop in adjusted gross income for the city. Additionally, around 60,000 people moved to Westchester County, depriving the city of approximately $5 billion worth of income.