Thousands Moving Out of New York Possibly Due to Appeal of Remote Work, Refrain of High Taxation; Cost of Living

As the recent Newsday Media Group article reports, “Thousands moving out of New York, Census figures show, possibly due to appeal of remote work.”

The latest figures released last week by the U.S. Census Bureau show that in 2022, New York suffered a net loss of 244,137 people moving to other states in that one-year period. Of that number, the largest number of people followed a historical migration pattern by relocating to Florida and other parts of the Sun Belt. However, the data supports a spike in New Yorkers moving to neighboring states, such as New Jersey and Connecticut. A trend which local regional and planning experts said could be prompted by the pandemic-era shift toward remote work, citing the familiar refrain of the high taxation and cost of living in New York.

The Regional Plan Association opines that the increase in remote work opportunities has encouraged movement from New York City to more suburban areas. However, instead of those workers relocating to Long Island, Westchester and the Hudson Valley as in prior generations, the lack of affordable, quality housing has driven these workers outside New York to neighboring states despite the fact these states have cost of living issues as well. The solution posed to stem the flow of migration is another familiar refrain: New York must build more affordable multifamily housing to keep and retain its native workforce.

Read the Newsday article here: Thousands moving out of New York, Census figures show, possibly due to appeal of remote work – Newsday

Thank you to Michael P. Guerriero for this week’s Tax Tracker.