New York Exodus Draws Billionaire Real Estate Jab
Is the New York Billionaire Exodus Real? How real the so-called New York billionaire exodus is remains contested in public reporting. The strongest available evidence points to selective wealth migration rather than a verified mass departure of billionaires. Much of the measurable data concerns millionaires. New York's share of U.S. millionaires fell from 12.7% in 2010 to 8.7% in 2022. CBC estimated New York collected about $10.7 billion less in 2022 income taxes due to this millionaire share decline . That supports a real wealth-migration story. But it does not prove a broad billionaire flight. Reporting also shows some prominent executives, investors, and firms weighing moves to Florida and other states. Those examples indicate elite mobility and visible pressure. Still, they do not independently establish a broad billionaire stampede. At the same time, San Francisco's recent record sale of a $42 million Pacific Heights home shows that ultra-luxury real estate demand remains...