As New York City eyes the potential election of democratic socialist upstart Zohran Mamdani, a new initiative by the nonprofit Committee to Unleash Prosperity is highlighting a striking contrast. The project tracks a growing number of Americans relocating to southern states drawn by lower taxes, fewer regulations, and pro-growth policies—moving away from the very economic model Mamdani promotes.
“If Mamdani were elected and he moved forward with his pledge to raise the highest income tax rate in New York City, we would see the largest exodus of wealth and workers out of the city in history,” Steve Moore, Co-Founder of Unleash Prosperity, told FOX Business. “The Vote With Your Feet website shows that states and cities with high income taxes lose tens and even hundreds of billions of dollars in income due to moving vans relocating to no-income-tax states,” he added.
MAMDANI’S PUBLIC GROCERY STORES MAY HAVE DEVASTATING EFFECTS ON CITY’S FOOD SUPPLY
Moore, who previously served as an economic advisor during President Donald Trump’s 2016 campaign, told FOX Business that New York City’s financial dominance is at risk.
Drawing on IRS and Census Bureau data, the interactive “Vote with Your Feet” website reveals a steady outflow of taxpayers from states like California and New York to lower-tax destinations like Florida and Texas. The project reveals that between 2012 and 2022, nearly 400,000 people moved from New York to Florida, bringing more than $37 billion in income with them, according to data compiled by Unleash Prosperity.
Similarly, the project shows that during the same time period, more than 350,000 people moved from California to Texas, bringing nearly $21 billion in income with them, according to data compiled by Unleash Prosperity.
He warned that Manhattan could lose its grip on Wall Street, as major financial institutions increasingly eye cities like Dallas and Miami due to their lower taxes, lighter regulatory environments, and business-friendly climates. Moore suggested this shift reflects broader concerns among firms about the rising costs and perceived anti-business sentiment in New York.
Wall Street executives have emerged as some of the loudest critics of Mamdani’s economic agenda, which also includes free buses, city-owned grocery stores, and rent freezes for residents in rent-stabilized units.
Mamdani’s campaign did not respond to Fox Business’ request for comment.
HOW MUCH CAN PEOPLE SAVE ON TAXES BY MOVING TO FLORIDA?
Republican Gov. Glenn Youngkin of Virginia said that his state would welcome what could become a steady outflow of New York City residents.
“If the mayoral election in New York City goes the way it looks like it will, I’ve already reserved a billboard that says, ‘Just stop halfway to Florida on I-95 and you’ll be home,’” he joked during an event Monday at the Capitol Hill Club in Washington, D.C.
MAMDANI’S RENT FREEZE PLAN COULD FURTHER STRAIN HOUSING COSTS IN NEW YORK, EXPERTS SAY
Addressing the issue more directly, Youngkin warned of the broader economic implications of population loss.
“If you have fewer people in your state than you had yesterday, your state is heading in the wrong direction,” Youngkin said. “When those people take their money with them, and that money represents a disproportionate amount of your state’s economic activity, you’ve got a major challenge,” he added.
CLICK HERE TO GET FOX BUSINESS ON THE GO
Read the full article here
