Even if (more likely "when") Momdani becomes NYC Mayor studies show the richest New Yorkers will stay

I'm curious why people think that rich people affected by Mamdani's proposals won't move. I mean, it happens everywhere. 10 years ago, I moved from one municipality to another, partially because my local taxes were so high, and I only had to move a mile to take advantage of the lower tax rate. My kids didn't even have to change school districts.

Don't you think the same thing will happen to some degree in NYC? I mean, if all they have to do is move a few miles outside the city to avoid higher taxes, why wouldn't they do it? I'm sure some will stay, but I'm also sure some will leave. More importantly, I'm sure rich people will think long and hard before they decide to move into the city limits if the taxes are substantially higher than the surrounding suburbs.

Mamdani's plans don't seem to account for any of that. If the more affluent tax base shrinks, then increased taxes on the rich won't pay for his plans. Time will tell, but I suspect that this is a much bigger issue than some are willing to admit.

First the billionaires then the kulaks!

Fantine said:

People are generous because government is so mean.

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Does this mean that a generous government produces mean people?

probinson said:

I'm curious why people think that rich people affected by Mamdani's proposals won't move.

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Some might but there's also no shortage of very wealthy and up and coming wealthy people wanting to move to an attractive, world class city like NYC.

Your question got me thinking... just how many millionaires are there in the US? Google AI says it's about 21 million of them. Way, WAY more than any other country on earth. Care to guess where most of these millionaires live? The big, expensive, high taxing cities. Know why? Because they can afford to.

probinson said:

I mean, it happens everywhere. 10 years ago, I moved from one municipality to another, partially because my local taxes were so high, and I only had to move a mile to take advantage of the lower tax rate. My kids didn't even have to change school districts.

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I'm going to take a guess you weren't a multi millionaire at the time.

probinson said:

Don't you think the same thing will happen to some degree in NYC?

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Maybe. I don't really care though. Do you?

probinson said:

I mean, if all they have to do is move a few miles outside the city to avoid higher taxes, why wouldn't they do it?

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Good question. Why do rich people live in expensive cities as it is now? I mean, if it's as plain and simple as you say it is, how is that not already the case for all these high earners?

probinson said:

I'm sure some will stay, but I'm also sure some will leave.

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Yeah that's what happens in a city of 25 million people living on top of each other.

probinson said:

More importantly, I'm sure rich people will think long and hard before they decide to move into the city limits if the taxes are substantially higher than the surrounding suburbs.

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A 2% increase is not likely to be the breaking point.

probinson said:

Mamdani's plans don't seem to account for any of that. If the more affluent tax base shrinks, then increased taxes on the rich won't pay for his plans. Time will tell, but I suspect that this is a much bigger issue than some are willing to admit.

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You're right, it doesn't account for that. His campaign and now his administration isn't focused on the wealthy. That's precisely why he won. His administration is promising to focus on helping the working class of the city.

The rich will take care of themselves like they always have.

GoldenBoy89 said:

Some might but there's also no shortage of very wealthy and up and coming wealthy people wanting to move to an attractive, world class city like NYC.

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Those people could still reap all the benefits of the attractive, world-class city of NYC by living just a few miles outside of the city limits.

GoldenBoy89 said:

Your question got me thinking... just how many millionaires are there in the US? Google AI says it's about 21 million of them. Way, WAY more than any other country on earth. Care to guess where most of these millionaires live? The big, expensive, high taxing cities. Know why? Because they can afford to.

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Perhaps. But set aside for the moment "millionaires" and just think logically. If you could choose to live in two places that were in very close proximity to each other, would the amount you pay in taxes not be a factor in your decision?

GoldenBoy89 said:

I'm going to take a guess you weren't a multi millionaire at the time.

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No, I wasn't. But the bottom line is high taxes are preventing growth in my hometown. People have fled the town limits to nearby townships with much lower tax rates. In many cases, you only have to move a mile.

GoldenBoy89 said:

Maybe. I don't really care though. Do you?

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I don't really care, but people are making it sound like it's not going to happen. Now that Mamdani has been elected, we'll all find out soon enough. But the activity leading up to his election with surges in inquiries about real estate in surrounding suburbs and Florida may well prove to be harbingers of increased and sustained migration activity outside the city. Only time will tell.

GoldenBoy89 said:

Good question. Why do rich people live in expensive cities as it is now? I mean, if it's as plain and simple as you say it is, how is that not already the case for all these high earners?

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Some already do. Will increasing taxes cause more to do it? We'll find out soon enough.

GoldenBoy89 said:

A 2% increase is not likely to be the breaking point.

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Maybe. Maybe not. Again, time will tell.

GoldenBoy89 said:

You're right, it doesn't account for that. His campaign and now his administration isn't focused on the wealthy. That's precisely why he won. His administration is promising to focus on helping the working class of the city.

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By taxing the rich in the city more. You can't ignore that part of the equation.

Let's look at an oversimplified example to see why the migration of rich people out of the city is extremely important to increased taxes on the rich to help the working class.

Let's say there are ten millionaires living in the city limits now. Let's pretend they are taxed at 5%. That's $500,000 in tax revenue.

Now let's say Mamdani increases that tax rate by 2% to 7%. This increase causes 2 of those 10 people to leave the city limits. Now the tax revenue from the remaining 8 people is $560,000. That is only a 12% increase in tax revenue vs. a 40% increase if the size of the tax base had stayed constant.

Again, I realize these are oversimplified and completely fabricated numbers, but it illustrates the impact that people leaving will have on tax revenues, which are needed to implement Mamdani's policies. And again, only time will tell how much of an impact this will have.

Always in His Presence said:

another wonderful AI search:

Billionaires who reportedly left NYC​

• Carl Icahn: The activist investor moved his firm to Florida in 2020, citing high taxes and a more favorable business climate.
• David Tepper: Hedge fund manager and Carolina Panthers owner, previously based in NYC, moved to Florida for tax reasons.
• Barry Sternlicht: CEO of Starwood Capital Group, relocated to Miami and has been vocal about NYC’s political and tax environment.
• Paul Singer: Founder of Elliott Management, moved his firm’s headquarters from NYC to Florida in 2020.
• Ken Griffin: While primarily associated with Chicago, Griffin’s Citadel Securities had a significant NYC presence before shifting operations to Miami.

The good mayor wants to increase their personal and business taxes.

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Now, how many moved into NYC over that same span of time?

iluvatar5150 said:

Now, how many moved into NYC over that same span of time?

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Feel free to let us know when you find out.

I typically use Grok

Always in His Presence said:

Feel free to let us know when you find out.

I typically use Grok

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Oh boy, that's one of the worst of them. It spends too much time on Xitter.

Always in His Presence said:

Feel free to let us know when you find out.

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You're the one trying to demonstrate that rich people are fleeing. Wouldn't it be incumbent upon you to show the other side of the equation? Or are you happy with cherry picking your data?

Always in His Presence said:

I typically use Grok

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I typically do my own homework.

probinson said:

I'm curious why people think that rich people affected by Mamdani's proposals won't move. I mean, it happens everywhere. 10 years ago, I moved from one municipality to another, partially because my local taxes were so high, and I only had to move a mile to take advantage of the lower tax rate. My kids didn't even have to change school districts.

Don't you think the same thing will happen to some degree in NYC? I mean, if all they have to do is move a few miles outside the city to avoid higher taxes, why wouldn't they do it? I'm sure some will stay, but I'm also sure some will leave. More importantly, I'm sure rich people will think long and hard before they decide to move into the city limits if the taxes are substantially higher than the surrounding suburbs.

Mamdani's plans don't seem to account for any of that. If the more affluent tax base shrinks, then increased taxes on the rich won't pay for his plans. Time will tell, but I suspect that this is a much bigger issue than some are willing to admit.

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Businesses consider a variety of factors beyond tax rates, including infrastructure, connectivity to other enterprises, transportation options, communication systems, and the availability of educated employees. Additionally, they require consumers who are able to purchase their products.

New York City serves as a global financial center, featuring one of the largest and busiest airports worldwide as well as optimal commute times between the United States and Europe. The city boasts a highly diverse population, which is a fundamental asset for conducting business internationally. Over more than two centuries, New York City has evolved into its current status. The notion that businesses would relocate from NYC solely due to the political ideology of the sitting mayor demonstrates a lack of understanding about the comprehensive requirements necessary to sustain a $100 billion enterprise.

Always in His Presence said:

Feel free to let us know when you find out.

I typically use Grok

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It is true that many citizens, including affluent New Yorkers, have relocated from New York City for various reasons. However, this migration has not affected the city's GDP growth. Below are statistics detailing New York City's GDP growth since 2000.


The assertion that affluent individuals are leaving New York City and that the city is consequently facing challenges is a political talking point; it does not accurately represent the current situation.

essentialsaltes said:

Zohran Mamdani rolls out veteran city leaders, Dem heavyweights to lead transition​

Mamdani named an initial slate of transition chairs that includes former Federal Trade Commission Chair Lina Khan, former First Deputy Mayor Maria Torres-Springer, United Way of New York City CEO Grace Bonilla and former Deputy Mayor for Health and Human Services Melanie Hartzog. Elana Leopold, who held several senior roles during the Bill de Blasio administration, is the transition’s executive director.

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Even MAGA world finds something to like in Mamdani's administration!

'Thank God the comptroller is Jewish': Trump ally quickly clarifies incendiary statement​

“I think a lot of the antagonism against Mamdani is really not about policies or past statements. It's the idea of a scary Muslim person suddenly leading New York City,” said former White House senior advisor Nayyera Haq. “Luckily, I mean, I was on the capitol property at my first job on 9/11. I think in 20 years we've evolved and moved past these scary images of halal meat coming for you.”
..
“He's already said we're not going to invest in any of our funds — thank God the [New York] comptroller who controls the funds is Jewish,” blurted the “Arthur Aidala Power Hour” host, causing confused looks and sidelong stares around the table.

“What does the comptroller being Jewish have to do with it,” asked Haq.