A high cost of living and high taxes are causing multimillionaires like wealthy bankers to flee New York City, according to The New York Post.
But New York City isn't the only city rich residents are fleeing — an expensive housing market inThe cost of living in some cities is getting out of control — even for the ultrarich.
More multimillionaires, particularly those with Wall Street jobs, are expected to leave New York City this year, reported"The massive bonus pool typical for city workers is under stress as more bankers and traders bolt for Florida and other states to escape New York's punishing taxes and steep living costs," Byrne wrote, citing experts who analyzed the latest compensation data from the state comptroller.
In 2016, New York lost $8.4 billion due to residents — many of them wealthy bankers — moving to other states, Byrne reported. Lower bonuses aren't helping matters — the finance industry saw a dip in the average employee bonus by nearly 17%, and the comptroller expects another 9% decrease in 2019, Byrne wrote.
However, Alan Johnson, CEO of New York-based compensation consultancy Johnson Associates, told Byrne the data is based on the expectation of wealthy bankers moving rather than a decrease in pay. New York's pricey real-estate market is also at play: It's gotten so expensive that many buyers are forgoing apartments in the sky for
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