More than 300,000 New Yorkers have bailed from the Big Apple in the last eight months, new stats show, reports The New York Post.
City residents filed 295,103 change of address requests from March 1 through Oct. 31, according to data The Post obtained from the US Postal Service under a Freedom of Information Act request.
Since a single address change could represent an entire household, it means far more than 300,000 New Yorkers fled the five boroughs.
Now, this what is interesting, the majority of those who fled appear to have stayed in the crowded region just beyond NYC city limits.
Top destinations for New Yorkers who left the city between March and October, with the number of change of address requests for each ZIP code:
1. East Hampton, NY, 11937: 2,769
2. Jersey City, NJ, 07302: 1,821
3. Southampton, NY, 11968: 1,398
4. Hoboken, NJ, 07030: 1,204
5. Sag Harbor, NY, 11963: 961
6. Scarsdale, NY, 10583: 812
7. Water Mill, NY, 11976: 577
8. Greenwich, CT, 06830: 558
9. Yonkers, NY: 10701, 567
10. Jersey City, NJ, 07310: 434
11. Port Washington, NY, 11050: 414
12. Westhampton Beach, NY, 11978: 409
13. Princeton, NJ, 08540: 395
14. Woodstock, NY, 12498: 392
15. New Canaan, CT, 06840: 389
16. Great Neck/Manhasset, NY, 11021: 380
17. Hampton Bays, NY, 11946: 344
18. Darien, CT, 06820: 326
19. Mount Vernon, NY, 10550: 325
20. Long Beach, NY, 11561: 323
This suggests a flight from the deteriorating city and the most certain higher taxes to come rather than a flight from the region.
Of note, most of those fleeing are from the high rent districts.
Top ZIP codes New Yorkers exited between March 1 and Oct. 31, 2020, with the number of change of address requests for each area:
1. Upper West Side, 10023: 3,368
2. Upper West Side, 10025: 3,000
3. Murray Hill, 10016: 2,889
4. Upper West Side, 10024: 2,708
5. Chelsea/Greenwich Village, 10011: 2,520
6. Upper East Side, 10128: 2,165
7. Downtown Brooklyn, 11201: 1,836
8. Gramercy/East Village, 10003: 1,677
9. Upper East Side, 10028: 1,631
10. Midtown East, 10022: 1,410
11. Midtown West, 10019: 1,484
12. Upper East Side, 10021: 1,506
13. Chelsea, 10001: 1,222
14. West Village, 10014: 1,192
15. Park Slope, Brooklyn, 11215: 1,006
16. Rose Hill/Peter Cooper Village, 10010: 1,002
17. Midtown, 10018: 987
18. Tribeca/Chinatown, 10013: 899
19. Midtown, 10036: 837
20. East Village, 10009: 728
This is a massive amount of high taxpayers leaving the city, regardless of what their primary reason for leaving the city is.
There is no way the city is going to be able to make up this loss of tax revenue.
-RW
But, Bob, some other idiot with nearly the same income is going to purchase those vacated properties (at lower prices to be sure) and pay those outrageous taxes. Right?!
ReplyDeleteDominick makes a fair point. To truly understand the impact it would help to know what percent of households were renters vs owners. Also, how many rental units have been leased again vs still vacant. I would assume most property owners sold their homes when moving.
ReplyDeleteThis ignores the NYC income tax that all these people leaving (whether renters or owners) will no longer be paying, in addition to paying far less in sales tax to NYC
Delete