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3.57 million people left New York City this year to live out their lives in comfort someplace else, and then 3.5 million people hungry for opportunity arrived t

3.57 million people left New York City this year to live out their lives in comfort someplace else, and then 3.5 million people hungry for opportunity arrived to take their place. I hope to see similar results in San Francisco.

johnnyb9 6y ago
The top 1% of earners pay 40% of New York City's income tax. The real question is how will NYC cope with the decreased tax base.
- criddell 6y ago
  Does it cost more per capita to run NYC than it does smaller cities like Austin?
  - foota 6y ago
    Maybe not to run, but the capital investment is probably higher. As well as things like subways, which there isn't one of in Austin.
    - abernard1 6y ago
      Education, healthcare, and public employees are almost always the largest expenses. For instance, in CA, only about $100M a year out of the $100 billion a year budget is spent on transportation [1]. Because of prop 98 in CA, a minimum of 40% of the budget has to go to education [2]. In NY, it's only 4% spent on transportation [3]. [1] https://ballotpedia.org/Fact_check/California%27s_state_budget_and_transportation_infrastructure_spending https://ballotpedia.org/Fact_check/California%27s_state_budg... [2] https://ballotpedia.org/California_Proposition_98,_Mandatory_Education_Spending_(1988) https://ballotpedia.org/California_Proposition_98,_Mandatory... [3] https://openbudget.ny.gov/overview.html https://openbudget.ny.gov/overview.html
    - criddell 6y ago
      Austin is building a subway. If NYC is less expensive to manage per capita, I'm guessing that's reflected in a lower taxation rate. Don't they have a lot of room to raise taxes?
DeonPenny 6y ago
Theres not an infinite amount of rich and successful people 1% of NYC population pays 50% of taxes. These people aren't replaceable.
- yurielt 6y ago
  Rich people are repleaceable not in the short term but they are very much repleaceable specially rent seekers and those whose earnings come only from owning which describes most of the non financial and some of the financial elite of the city
CydeWeys 6y ago
There's no way this is correct. I live in NYC and this would represent a turn-over of nearly half of our population. It's simply not true. The study is wrong: > About 3.57 million people left New York City this year between Jan. 1 and Dec. 7, according to Unacast, which analyzed anonymized cell phone location data. Some 3.5 million people earning lower average incomes moved into the city during that same period, the report showed. Questionable methodology that clearly yielded incorrect results.
dashundchen 6y ago
Speaking as someone who lives in a small city, if I weren't tied to my current location and could move to NYC or SF at a non-astronomical rent, I'd jump at the chance.

johnnyb9 6y ago

The top 1% of earners pay 40% of New York City's income tax. The real question is how will NYC cope with the decreased tax base.

criddell 6y ago
Does it cost more per capita to run NYC than it does smaller cities like Austin?
- foota 6y ago
  Maybe not to run, but the capital investment is probably higher. As well as things like subways, which there isn't one of in Austin.
  - abernard1 6y ago
    Education, healthcare, and public employees are almost always the largest expenses. For instance, in CA, only about $100M a year out of the $100 billion a year budget is spent on transportation [1]. Because of prop 98 in CA, a minimum of 40% of the budget has to go to education [2]. In NY, it's only 4% spent on transportation [3]. [1] https://ballotpedia.org/Fact_check/California%27s_state_budget_and_transportation_infrastructure_spending https://ballotpedia.org/Fact_check/California%27s_state_budg... [2] https://ballotpedia.org/California_Proposition_98,_Mandatory_Education_Spending_(1988) https://ballotpedia.org/California_Proposition_98,_Mandatory... [3] https://openbudget.ny.gov/overview.html https://openbudget.ny.gov/overview.html
  - criddell 6y ago
    Austin is building a subway. If NYC is less expensive to manage per capita, I'm guessing that's reflected in a lower taxation rate. Don't they have a lot of room to raise taxes?

DeonPenny 6y ago

Theres not an infinite amount of rich and successful people 1% of NYC population pays 50% of taxes. These people aren't replaceable.

yurielt 6y ago
Rich people are repleaceable not in the short term but they are very much repleaceable specially rent seekers and those whose earnings come only from owning which describes most of the non financial and some of the financial elite of the city

CydeWeys 6y ago

There's no way this is correct. I live in NYC and this would represent a turn-over of nearly half of our population. It's simply not true. The study is wrong: > About 3.57 million people left New York City this year between Jan. 1 and Dec. 7, according to Unacast, which analyzed anonymized cell phone location data. Some 3.5 million people earning lower average incomes moved into the city during that same period, the report showed. Questionable methodology that clearly yielded incorrect results.

dashundchen 6y ago

Speaking as someone who lives in a small city, if I weren't tied to my current location and could move to NYC or SF at a non-astronomical rent, I'd jump at the chance.