Oct 27, 2009

Rich leaving New York in record numbers

The Empire State is being drained of an invaluable resource -- people.

A new study shows that New Yorkers are fleeing the state and city in alarming numbers -- and costing a fortune in lost tax dollars.

More than 1.5 million state residents left for other parts of the United States from 2000 to 2008, according to the report from the Empire Center for New York State Policy. It was the biggest out-of-state migration in the country.

The vast majority of the migrants, 1.1 million, were former residents of New York City -- meaning one out of seven city taxpayers moved out.

Families fleeing New York are being replaced by lower-income newcomers, who consequently pay less in taxes.

The former New Yorkers earned about 13 percent more than those who moved into the state to replace them.

More of the story here.