New York Loses Billions of Dollars as Residents Flee Under Hochul’s Watch

Niagara Action
4 days ago
2 min read

New York’s financial condition continues to deteriorate as more residents exit the state, taking their spending power and taxable income with them. According to a new Unleash Prosperity report, NYS has lost $517.5 billion in resident income between 2013 and 2022. New Jersey saw $170.1 billion vanish in the same timeframe, but New York’s losses far exceed every other state. Things have only gotten worse since then under Governor Hochul.

The study, which analyzes IRS and Census data, highlights how migration patterns directly drain a state’s economy. When individuals leave, they don’t just relocate, they take their earnings, investments, home values, property tax contributions, and consumer activity with them. That financial vacuum puts immediate pressure on those who remain and forces the state to stretch reduced revenue across school budgets, infrastructure needs, and social services. Despite this, Albany continues to downplay the crisis and increase spending.

For Unleash Prosperity co-founder Steve Moore, the numbers speak for themselves.

“This has been one of the greatest wealth losses for one region in American history. New Jersey and New York are being bled to death by low-tax states in the South,” he said. States like Florida and Texas continue to welcome New Yorkers fleeing high costs.

The trend shows no sign of slowing down.

U-Haul’s 2025 Midyear Migration Trends report reinforce the extent of the problem. Boston now ranks No. 1 for inbound moves from New York with Philadelphia close behind at No. 2.

Baltimore and Pittsburgh tied for No. 4 while Cleveland and Miami ranked at No. 5.

Other major draws include Washington, D.C. (No. 6), Orlando (No. 8), and Charlotte (No. 9), showing that New Yorkers are moving in every direction in search of lower costs of living.

Even Detroit and Los Angeles, tied at No. 10, are seeing a surprising uptick in former New York residents. Their growing appeal underscores how dire the situation has become.

Despite the exodus, Governor Hochul says that no problem exists.