The Big Apple could soon get down-sized. Well-heeled New Yorkers continue to grapple with the challenges posed by life in New York City under Democratic leadership and trying circumstances. New research from the Manhattan Institute, a think tank espousing free market ideas, reveals a very glum situation in good old Gotham.
The organization cites the grim reality among residents who earn $100,000 or more. They make up 80% of New York City’s income-tax revenue, placing the city government at risk to “tax-base erosion.” Personal income tax, in fact accounts for 22% of the city’s overall take in tax revenues. Many residents have had just about enough.
“We found that 44% of high-income New Yorkers say that they have considered relocating outside the city in the past four months, with cost of living cited as the biggest reason. More than half of high-income New Yorkers are working entirely from home, and nearly two-thirds believe that this will be the new