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Why is New York shrinking?

https://www.ft.com/content/6c490381-d2f0-4691-a65f-219fab2a2202

by rufus_foreman • 2 years ago

4 1 2 years ago

FT

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JumpCrisscross• 2 years ago

“…the emigrants are disproportionately concentrated among 25-40 year olds. This could corroborate the notion that jobs are the primary motivation for leaving the city”

I’m in this age group. I left New York. (My partner still has a flat here.)

I left because of taxes. I’m in my prime earning years and need my savings to compound, whether through forced savings in the form of a 15-year mortgage or explicit saving in retirement accounts and illiquid investments. If the Census asked, I probably wouldn’t say it that bluntly. But it’s unscientific to assume someone under 40 wouldn’t move due to taxes.

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