All men may be created equal, but they’re certainly not of equal value, monetarily speaking. New York City, which has long prided itself on its egalitarian principles, is finding that out but good. Between April 2020 and July 2022, the city saw an outflow of nearly 500,000 people, taking billions of dollars of income with them. Florida was the recipient of many, and, as an example, the New York Citizens moving to Miami-Dade County had an average income exceeding $266,000. Those relocating to Palm Beach County averaged around $189,000. Those are high-dollar taxpayers, fleeing a deteriorating city with astronomical levies.
The net outflow halted in mid-2022 and the city began adding what by now have totalled 234,000 new residents. That might have been a good thing financially, but it wasn’t. Most of those newbies were illegal migrants, who — instead of adding to the tax coffers — helped deplete them. The city’s 2025 budget is $110 billion. Shortfalls in all the major segments of the city’s budget abound, including an anticipated $350 million shortfall in public education. The Metropolitan Transportation Authority (MTA) is facing a $211-million gap this year, expected to grow to $652 million in four years. And so on.
Mayor Adams’s prediction in Sept. 2023 that the migrant influx might “destroy” the city may ultimately come to pass.
What should they have learned?
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