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NY. Why New York’s future is fleeing the state

May 26, 2011

For more than 15 years, New York state has led the country in domestic outmigration: For every American who comes here, roughly two depart for other states. This outmigration slowed briefly following the onset of the Great Recession. But a recent Marist poll suggests that the rate is likely to increase: 36 percent of New Yorkers under 30 plan to leave over the next five years.

Why are all these people fleeing? The answer is easy:

  1. state has the second-worst business climate in the country. (Only California ranks lower.) When a state repels businesses, it repels residents, too.
    62 percent of New Yorkers planning to leave cited economic factors — including cost of living (30 percent), taxes (19 percent) and the job environment (10 percent) .
  2. extraordinarily high property taxes. New York has the country’s 15 highest-taxed counties, including Nassau and Westchester, which rank Nos. 1 and 2.
  3. Most of the property tax goes toward paying the state’s Medicaid bill — which is unlikely to diminish as NY has the highest per person Medicaid rate in the country — almost twice as much as California. 
  4. “The two fastest-growing industries in New York are also the lowest-paid. More than half of the city’s employment growth over the past year has been in retail, hospitality and food services, all of which pay their workers less than half of the city’s average wage
  5. More than 80 percent of the new jobs are in the city’s five lowest-paying sectors.
  6. New York City– manufacturing continues to decline. The culprits here include the city’s zoning policies, business taxes and decaying physical infrastructure.
A New Yorker would have to make $123,322 a year to have the same standard of living as someone making $50,000 in Houston

We can expect New York to lead the country in outmigration for the near future.  The sooner NY goes broke, and the state can start fresh, the better.

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