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" More People Are Leaving NYC Than Any Other US City, New Report Says"
Given that NYC has 8.4 million people, and LA, the second largest city, has 4.0 million people, NYC will ALWAYS have more people leaving than any other city. And this includes people who hop across the river to New Jersey, which is not exactly what you think of when you read the article. You think of people moving to Florida or North Carolina.
I guarantee you that the city of Pokehole, which has a 1,000 people, has among the fewest people leaving.
Journalists are a bunch of math rejects who never took a course in statistics.
The number of people leaving NYC is small, but the small number of people leaving is still greater than the small number of people moving in. Also, the richest New Yorkers have for a very long time tended to have their primary home somewhere else, with a pied-a-terre in NYC (ie, they tend to do on a grand scale what I am doing on a micro scale). They still pay real estate taxes to NYC, proportional to the value of their properties. Nobody has good data about their movements, but it is known that there are many more high-end properties for sale in NYC right now than the interested buyers.
NYC will not suddenly collapse, but it is registering small downward trends. In 1925, what you could do with your life in NYC and in Pokehole were two vastly different matters - they are not any more. I have a close relative in a high-level tech career, which he pursues remotely from Pokehole. We recently met in NYC (where he flew, as an expert from Pokehole, to troubleshoot a major communications system), and he was disgusted with everything he saw, he did not understand how I could voluntarily spend a minute in NYC... except that he actually liked Parkchester, said it reminded him of traveling in South Asia :-).
" More People Are Leaving NYC Than Any Other US City, New Report Says"
Given that NYC has 8.4 million people, and LA, the second largest city, has 4.0 million people, NYC will ALWAYS have more people leaving than any other city. And this includes people who hop across the river to New Jersey, which is not exactly what you think of when you read the article. You think of people moving to Florida or North Carolina.
I guarantee you that the city of Pokehole, which has a 1,000 people, has among the fewest people leaving.
Journalists are a bunch of math rejects who never took a course in statistics.
Not to belabor the point, but NYC (pop. 8,400,000) had a net loss of almost 40,000 peple in the past year (third year in a row of net population loss). That is almost 0.5% of the entire NYC population being gone in just one year. If that kind of loss of population happens for 10 consecutive years, the lost population would be the size of the entire city of New Orleans. That rate of population loss definitely could be seriois - depending mostly upon who is leaving.
Not to belabor the point, but NYC (pop. 8,400,000) had a net loss of almost 40,000 peple in the past year (third year in a row of net population loss). That is almost 0.5% of the entire NYC population being gone in just one year. If that kind of loss of population happens for 10 consecutive years, the lost population would be the size of the entire city of New Orleans. That rate of population loss definitely could be seriois - depending mostly upon who is leaving.
i wouldnt worry about NYC losing population. endless supply undocumented immigrants will make NYC their home.
i wouldnt worry about NYC losing population. endless supply undocumented immigrants will make NYC their home.
Alright, but consider this: 1% of NYC population pays 46% of NYC tax. If 0.5% of NYC population leaves per year, and if they are all 1%ers, then NYC would lose half of its tax revenue in 2 years. Granted, nearly half of ex-NYorkers who actually left last year were from Queens, so probably not 1%ers, but 1%ers could easily get the idea... The undocumented may not be very attracted after all to a city that has no money to give out free stuff.
The article that you linked applies to establishing domicile for people who own property in multiple states, and earn income in these same multiple states --- or are domiciled in one state, but earn income in another state. In general, your tax home (where you file a RESIDENT tax) is where you have a permanent job (it does not apply to temporary jobs). To other states from which you might have income (eg, rental income or active business income), you pay NON-RESIDENT tax.
Now, if you have properties and jobs in multiple states (and particularly if you have a lot of income from interest, dividends, sale of property etc. passive income), it is more favorable if you file a resident tax return in a low-tax state, because as a resident, you pay tax on your entire income (minus tax paid to other jurisdictions), while as a non-resident you pay tax only on what you earned in that state.
Suppose someone lives in Texas, and has properties and businesses in both Texas and New York City. It is obviously more favorable for this person to claim Texas as his domicile (because Texas has no state income tax), and pay non-resident income tax to New York state/City only for the income that his business earned in New York City.
Tax authorities in New York, if there is any chance at all, will try to prove that this person is domiciled in New York, and therefore owes tax to New York not only on his income earned in NY, but also on his other income earned in Texas, on the proceeds of a sale of his SUV that he sold that year in Texas, on his stock dividends, on the partial Roth conversion of his IRA to Roth - all things for which he would not pay ANY state tax if he were domiciled in Texas.
People who live/earn in multiple states are usually well acquainted with these rules for establishing domicile, including the "Teddy Bear" rule. If you no longer own/rent (and your spouse does not own/rent) any property in New York City/State, and you do not have a permanent employment in NY, then NY has no basis to tax you as a resident on ALL of your income, it can tax only the income earned in New York.
i wouldnt worry about NYC losing population. endless supply undocumented immigrants will make NYC their home.
Opinion:
That's where the problem lies.
The population leaving consists of skillsets and pensioners. They are being replaced by unemployed, unskilled labor and non English speaking persons.
I am surprised that few can see impact this will immediately have on the city economy and infrastructure unless you are O.K. with imported labor while your friends next door are on public assistance. There is a huge economical crisis waiting to unfold if the politicians that be do not create incentives for property owning retirees and high skilled labor struggling to afford their homes or out of control rents. It will be a necessity to buy a home outside of N.Y. and travel 4-6 hours a day into the city for work just so you can have a roof over your head. Wake up politicos. Adding Speed Cameras to increase revenue isn't the solution.
Dropping property taxes is.......nuff said.
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