Let's Look At NYC & See How The "Socialism" They Voted For Under Mamdani Is Working Out For Them, Shall We?
Tax Revenue and Millionaire Exodus:
A Citizens Budget Commission analysis (released July 2026) found that New York's share of U.S. millionaire households dropped significantly — from about 12.7% to 8.7% and is going even lower as the year marches on. Companies and people with money are leaving NYC while the getting is good.
Abir Mandel, a senior state policy analyst with the Tax Foundation, told the Post that New York “currently ranks dead last for competitiveness.”
This shift lost the state roughly $10.7 – 11 Billion in potential personal income tax revenue for alone.
See link below:
https://legalinsurrection.com/2026/07/millionaires-are-fleeing-new-york-taking-11-billion-in-tax-revenue-with-them/
High earners (top ~1%) pay a huge portion of NYC's income taxes (around 40 - 44% for state/city).
New York state has lost a net - 1,679 millionaire households and the number plans to rise. 😂😂😂
Beneficiaries: Florida and Texas (no state income tax) saw big gains in millionaire share.
This isn't purely "communism" — it's also bad Democratic policies which mimic "Socialist lite" policies with high taxes, cost of living, crime, regulations, and post-pandemic remote work flexibility, corrupt NY politicians all played roles.
Similar patterns happened in other high-tax states such as California. NY has seen net income outflows in recent years.
NYC rents at all-time highs!
This part is very current. Multiple reports from 2026 (Corcoran, etc.) confirm:
Manhattan median rents hit records like $5,000–$5,295 in recent months (up 6-8%).
Brooklyn also at new highs (~$4,300+)
Tight inventory, strong demand in certain segments, and housing supply issues are driving this — even with Mamdani's rent regulations, policies and caveats.
The $11B figure is lost potential compared to if NY had kept its earlier share of millionaires (not a sudden one-year collapse in 2026). Some counter-analyses note high-earner incomes grew overall, and not every departure is purely tax-driven.
Replies to the post correctly noted the data spans earlier years, but the underlying trends (wealth migration + high rents) remain relevant right now under current NYC leadership.
It's a real policy challenge for high-tax areas: aggressive redistribution can accelerate the flight of the tax base.
When are left leaning idiots going to learn that SOCIALISM NEVER WORKS NO MATTER HOW MANY TIMES IT'S BEEN TRIED?
