One prosperous NYC has New Yorkers deciding to leave the city and it will cost a loss of $1.4 Billion taxes. Incidences of violence by defunding the police and alienating the big taxpayer who is abandoning the city because of ill-thought policies are present.
The big-time players in the Democrat-run city have left in a massive exodus after a lockdown. Notwithstanding the recent rioting and looting that destroy businesses.
Recently, data show points to a drop in earnings in the real estate market in the midst of the coronavirus pandemic. These factors are driving down what is considered America's premier cities, reported The Blaze.
A New York Post reported that NYC exodus is not a joke as the numbers are unbelievable. Data gleaned from the United States Postal Service indicates that 300,000 NYC residents or more have abandoned the big apple. The big push is because of the deadly pandemic which killed many in the city's boroughs,
The Post uncovered that 295,103 New Yorkers have changed their addresses from March 1 to October 31. The total number of 300,000 will not be one change of address that includes many multiple-person households.
Recorded in March and July were notices of address changes that were outside the city of New York. In 2019, there was a number who left NYC but it was only 101,342.
Postal data points out the locals are leaving the troubled city, though are moving to the tri-state area instead. These are the East Hampton, N.Y., Jersey City, N.J., Southampton, N.Y., Hoboken, N.J., and Sag Harbor, NY. Another set also went to Greenwich, C.T. as places chosen over NYC.
Also read: New York Cops Will Get $1 Billion Cut From Their Budget, Warns De Blasio
There are several reasons for the mass exodus of residents that indicate the compound troubles which threaten economic prosperity. During the pandemic, people died and many were casualties stricken.
COVID-19 rules commanded by Gov. Andrew Cuomo and Mayor Bill de Blasio, wave minimum wages of $15 as required by the authorities.
Defunding the police was a serious blow to NYC that saw a rash of gun violence taking the lives of New Yorkers. Normally plainclothes policemen made difference but they weren't there.
If there is violence and everything is not conducive to staying in the city there will be a backlash. Hard hot was no real estate transactions as the situation caused those who can afford it and move.
No one wants to live in a dangerous neighborhood, so no one rented, and no rentals collected. Both were big reduction in tax collections. The Real Estate Board of New York released a report that so far it has cost $1.4 billion in tax revenue.
The REBNY is quoted, "Investment sales and residential sales year-to-date totaled $34.5 billion, a 50% decline compared to the same period in 2019, causing a 39% decline in tax revenue."
Overall, the civil violence by BLM and Antifa that saw properties wrecked and looted, with many deaths caused by the coronavirus, and almost no tourism has hurt NYC a lot. The lockdowns froze businesses that added to New Yorkers leaving and getting a large $1.4 billion in deficits.
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