New York Governor Begs Wealthy Taxpayers to Stop Leaving the State
20th March 2026
The Orwellian horror of Hochul’s New York led directly to an unprecedented flight of intelligent citizens and wealthy business owners. NY experienced a net lost of nearly 1 million residents from 2020 to 2023. But it didn’t stop there.
Draconian pandemic mandates were not the only reason for the exodus. The state’s crushing tax requirements post-covid have also inspired another 250,000 net loss of citizens from 2024 through 2025. The state taxes are nearly three times higher than the national average. Property taxes are 45% higher and the cost of living is around 50% higher than the national average.
Furthermore, depending on the market sector, taxes on businesses run 50% to 100% higher than the national average. On top of all this, Democrats in the legislature have consistently pushed for a wealth tax or “millionaires tax”; an action which Hochul opposes, but only because she sees the writing on the wall and is a bit smarter compared to fanatical socialists like Zohran Mamdani.
During a Q&A last week at Politico’s New York Agenda: Albany Summit, the Governor surprised with a rare moment of clarity (or honesty) when she admitted that the state’s tax base had been eroded. She essentially begged for wealthy taxpayers to come back from red states like Florida and support New York’s social welfare programs. Recent data shows that NYC spent $81,000 per homeless person in 2025 – That’s higher that the annual income of 65% of all hard working NYC residents.
Hochul also lamented the fact that high income taxpayers are “no longer captive” and are able to relocate with ease.