Fact Check: "Top 1% of New Yorkers leave at one-fourth the rate of other income groups."
What We Know
Recent reports indicate that the top 1% of income earners in New York, defined as those making over $815,000 annually, are leaving the state at significantly lower rates compared to other income groups. According to a study by the Fiscal Policy Institute, while lower-income families, particularly those earning between $32,000 and $65,000, have been leaving New York at a rate of approximately 2% of their population, the top 1% are departing at about one-quarter of that rate. This trend has been observed in the most recent census and tax filing data, which shows that the wealthiest New Yorkers are returning to the state after an initial exodus during the pandemic, while lower- and middle-income residents continue to migrate out.
The report highlights that the wealthiest individuals are not primarily motivated by tax increases to leave the state, as many have relocated to other high-tax states such as Connecticut and California. In contrast, the outmigration of lower-income residents is largely attributed to the high cost of living in New York, rather than tax policies (New York Times, WSHU).
Analysis
The claim that the top 1% of New Yorkers leave at one-fourth the rate of other income groups is supported by multiple sources. The Fiscal Policy Institute explicitly states that the outmigration rate for the top 1% is significantly lower than that of other income brackets. This is corroborated by the New York Times, which details the demographic shifts in New York's population, emphasizing that while the wealthy are leaving at a slower pace, lower-income families are departing at alarming rates.
The reliability of the sources is strong, particularly the Fiscal Policy Institute, which is known for its research on economic and demographic trends in New York. The data presented is based on official census and tax filing information, lending credibility to the findings. Additionally, the New York Times, a reputable news organization, has reported on these trends, providing further validation of the claims made.
However, it is important to note that while the data shows a trend, the reasons behind these movements can be complex. The report indicates that lower-income families are primarily driven away by the high cost of living, rather than taxation, which contrasts with the narrative surrounding wealthy individuals who are often discussed in the context of tax policy (Fiscal Policy Institute, WSHU).
Conclusion
The claim that the top 1% of New Yorkers leave at one-fourth the rate of other income groups is True. The evidence from multiple credible sources supports this assertion, highlighting a significant demographic trend where wealthier individuals are leaving New York at a markedly lower rate than their lower-income counterparts. This trend reflects broader economic issues, including the high cost of living that disproportionately affects lower-income families.
Sources
- New York's Millionaire Class Is Growing. Other People Are Leaving.
- Cómo | Diccionario panhispánico de dudas | RAE - ASALE
- New Census Data Show Population Growth as well as Continuing Affordability Challenges
- Wealthy New Yorkers leave the state far less than working-class families
- Cómo o Como - Diccionario de Dudas
- PDF New Census Data Show Population Growth as well as Continuing Affordability Challenges
- Who is Leaving New York State? Part I: Income Trends
- $14B in income vanishes from NYC as 125K residents flee for Florida
