High-Earning New Yorkers Have Considered Leaving City During Pandemic, Survey Finds

Amid a gloomy outlook from the coronavirus pandemic, 44% of New York City’s six-figure earners considered relocating, according to a new survey commissioned by the Manhattan Institute.

The Siena College Research Institute conducted a survey of almost 800 New York City adults making over $100,000 a year, finding that 37% say it is somewhat likely that they would not be living in the Big Apple in the next two years.

Among top factors for seeking relocation, 69% mentioned the cost of living, 47% said crime and 46% cited a desire for a non-urban lifestyle. In addition to these factors, survey results indicate wealthy New Yorkers are dissatisfied with life in the city during the pandemic.

“Nearly two in five New Yorkers making six-figure salaries or higher believe that the city is headed in the wrong direction. These high-earning residents report a steep drop in the quality of life since March, with satisfaction cut in half since the onset of the Covid-19 pandemic,” the survey's summary noted.

The survey, which was conducted between July 13 and Aug. 3, coincided with pleas over the summer from top city and state officials like Gov. Andrew Cuomo that implored wealthy residents to return to the city after many fled to the suburbs or nearby states, fearing the economic loss from their permanent departures.

“They're not coming back right now. And you know what else they're thinking? ‘If I stay there, I pay a lower income tax,’ because they don't pay the New York City surcharge,” Cuomo said at a press conference in August. “That would be a bad place if we had to go there.”

New York City residents earning over six-figure salaries make up 80% of New York City’s income-tax revenue and 22% of the city’s overall tax revenues, the Manhattan Institute included.