$14B in income vanished from NYC when residents fled to Florida

Tens of thousands of New York City residents have fled the Northeast for warmer climes in a five-year period — taking nearly $14 billion worth of income out of the Empire State.

A new report by the nonpartisan Citizens Budget Commission found around 30,000 Big Apple dwellers moved to Florida between 2017 and 2022, many of them ending up in Miami-Dade and Palm Beach counties.

The city has seen a reduction in its adjusted gross income of $9.2 billion from relocations to those two counties alone, and a total of $13.8 billion when accounting for thousands more who moved to other parts of the Sunshine State.

The report chalked up the mass migration to factors including lingering effects of the pandemic, as well as general affordability, quality-of-life concerns and safety.

“Simply put, though, some people found the value proposition of other places to be higher than New York City,” CBC president Andrew Rein told the New York Sun.

Florida isn’t the only locale gaining income as residents flee New York City.

Long Island increased its population by some 138,000 NYC expats during that same five-year period, resulting in another $11.1 billion drop in adjusted gross income for the city.

Some 60,000 ex-city dwellers also moved to Westchester County in that time, depriving the city of another $5 billion worth of income.