A statement from New York State Comptroller Tom DiNapoli (D) showed that the Empire State is facing a significant deficit driven heavily by a large outflux of residents. The migration away from New York could have major implications for the state’s demography and its future tax base.
DiNapoli told Fox News that the state faced a $36 billion budget deficit over the next three years.
Part of the issue, he said, was the outflow of residents from the state. He also said that the state’s economy was “slowing and we are feeling the effects in the current year collections of the slowdown.”
He added that there was also concern about the “weakness” in the state’s “personal income tax collection.”
Overall, DiNapoli said, the state would not meet its former “optimistic numbers.”
A number of factors fuel the number of people leaving New York. The Empire State is commonly among the highest-taxed states in the union. Furthermore, the high level of taxation in New York City itself is playing a role in residents leaving for other states.
Here's how much high earners in New York, San Francisco, and Chicago stand to save from a move to Miami https://t.co/nGqhSXeXva
— Bloomberg (@business) July 22, 2023
Furthermore, New York has seen a sharp increase in crime over the last five years, especially in the aftermath of the George Floyd riots.
The city recently announced a $13 million settlement in favor of Black Lives Matters protesters who fought with members of the NYPD. Overall, the settlement will pay about 1,300 protesters $10,000 each.
Furthermore, Manhattan District Attorney Alvin Bragg (D) announced that he would prosecute an NYPD officer who allegedly punched an unruly shoplifter two years ago. There were no injuries that resulted from the incident.
Last year, Bragg intended to prosecute store worker Jose Alba after defending himself during a robbery attempt.
Bragg also announced charges against Marine Corps veteran Daniel Penny over the death of Jordan Neely, who was confronting passengers on the subway.
Bragg is also prosecuting former President Donald Trump regarding an alleged short relationship with adult actress Stormy Daniels.
Overall crime rates in the state remain persistently high over the last three years.
