Bombshell Study: New York City Rocked By Exodus Of Millionaires

Okay, New York's got a spending problem, but it's taxing away its wealthiest residents, and now we have a price tag on that. A bombshell Citizen Budget Commission study revealing New York saw a mass exodus of millionaires between 2010 and 2022, costing the state nearly $11 billion in tax revenue in just the year 2022 alone. These numbers come even before New York City Mayor Zoran Mamdani took office, and he's doubling down on the tax the rich strategy. I've been very clear about the fact that we live in the wealthiest city in the wealthiest country in the history of the world, and it's unacceptable that one in four New Yorkers are living in poverty. And I believe that the wealthiest can do a little bit more to ensure that everyone can afford to live here. I look forward to continuing to advance a vision of our city that has room for everyone, because that's also what makes the city so incredible. Just need a little bit more out of you, Taylor, just a little bit more, just give a little more, and we got this. Yeah, you know, I was listening to Chamath Palihapitiya, Joe Lonsdale had similar comments, and they said something that I 100 percent agree with. They said we would give away 95 percent of our wealth tomorrow, whether it's California or New York, if it would solve the problem that these people say that there is tomorrow. If it solved all of the problems that California wants to raise the billionaire's tax on, if it solved all of the problem that Mamdani highlights, we would do it. Here's the problem. It won't solve the problem, because these people, in my words, are crooks. They're overspending. They're mismanaging money. They have no idea how economics works. They're using the money for probably fraud, waste, and abuse to fund up non-profits that are more overstaffed than the homeless people they're helping, and that's why you have people like them, millionaires and billionaires, pushing back and saying, no, this is crazy, this is ridiculous, and I'm leaving. That billionaire's tax in California is absurd, because if you're making $100,000, but you have a startup, and it's had a latest fundraise round at a billion dollars, which isn't that much in today's world, and then they want to take $50 million of that, what do you do? Sell your shares? You're probably a 25-year-old kid out of Stanford who just closed an awesome funding round, and you're probably only taking home $100,000, because your money is invested in your company. So I went on here, and I didn't mean to, but Brian, I think this is just the absurdity that we don't trust government with our money, because they never spend it where they do. They never solve the problems that they tell us they're going to do, and therefore, you don't get my money. Dagan, I thought this was interesting. New York's millionaire population doubled since 2010, okay? So that sounds good. Texas is tripled, and Florida's quadrupled. New York share a millionaire state, then it gained from them, Florida and Texas, the biggest recipients of former New Yorkers. The empire state already led the nation in state and local taxes collected. Per capita collections, $12,495. That is per capita, and it is 78% above the US average. There's also a story in the New York Post about, speaking of socialism, about there is a plumber who works for the New York City Housing Authority, who earned $465,000 a year. So that's socialism. Those are the people who benefit. He might be a millionaire, by the way. Right, probably is. I just want to finish one thought. Zozo Mondani and his ilk are perfectly happy with millionaires leaving, and more of them leaving, because it means more socialists. It means their power base will increase here. And whether you've got this stream of homeless people who are dangerous, who are living around the block from the Intrepid Museum, they don't care. They don't care about suffering. They don't care about the poverty. They don't care about a guy making almost half a million dollars a year as a plumber in the public housing, when the actual housing is just like living in a Port-a-John. They don't care about that. All they care about is their power, and that's it. And control. And very short term, because when it really comes down to it, a millionaire, what is a millionaire in New York, Connecticut, New Jersey? Tri-state. Well, you might make $500,000 a year. You might make $250,000. You own a home. You're saved up. You got some money in your 401k. Boom, you're a millionaire. He wants to get you. So remember where this really... This is not about the Jeff Bezos. It's actually not about the Ken Griffins. My big beef with the Ken Griffins stunt was that what he did in front of his house was just horrendous and just not what you're supposed to do. Basically, the tax base in the city that pays most of the stuff that's leaving left and right are people that make between $400 and $1.5 million. They may be millionaires based on paper, when they own stuff and some stock and whatever, but that is the sweet spot that they're going after. And those people are getting crushed. The screwed middle class. Absolutely. A friend of mine lives on the west side near that homeless encampment. He pays $7,000 a month rent. He has to send his kid to private school. He can barely make ends meet now. And then he has to deal with homeless guys chasing his kid around. I mean, that is really sick. That's unlivable. I'll just add to that. 2022, which was the most dramatic revenue drop. I'll remind everybody because we were talking about inflation before. June of 2022 was when Joe Biden's inflation went wild up to 9.1%. And that is part of what the exodus was because post pandemic was 2021. 2022, there was no reason for all that spending that led to the inflation, but he did it anyway. Post pandemic, people realized they could work remotely, so they didn't have to stay here anymore. And once they realized that, that was it. They took off. Now, fast forward, what years do we have to worry about? I'm sure there was continued exodus after that. As we get more data, we'll know. But 2025 is when people started anticipating Zohran Manzani coming. They were getting nervous, second homes, having apartments here. So what's going to happen? This is just going to continue. Then now he's going after people. Oh, you left? Well, you have an apartment here. I'm going to get you with the pied-à-terre tax. And they're all telling me, no, you're not. My apartment's on the market. As soon as I can unload it, I'm out of here, off paper, like off the grid, not contributing to this lunacy anymore. So once you push all those people out, you're over a million, even a million to a million and a half. Then everybody else is left. Now, they're not going to stop spending when they realize they don't have enough revenue to be able to hit the targets and the spending that he wants to. They're going to come after everybody else and squeeze you more and more. But I agree with Dagan. And I said this from the beginning. He wants us all to leave so that he can have his socialist base, his voter base here that will continue no matter what, because whatever he gives them is better than what they have. There's mathematics involved. He has to balance the budget. And one interesting thing, uni bond prices should be going down right now because people should be buying them because of the higher taxes.