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406

No, New York City’s wealthiest are not fleeing the city after Mamdani’s win (www.theguardian.com)

submitted 23 hours ago by MicroWave@lemmy.world to c/news@lemmy.world

40 comments fedilink hide all child comments

Conservatives warned of a mass exodus if the democratic socialist won, but experts, and property data, paint a very different picture

The warnings were stark. If Zohran Mamdani were to win the New York City mayoral election, his plans to raise taxes – slightly – on the city’s wealthiest residents would cause millionaires to bolt en masse, decamping to lower-tax states such as Florida and Texas.

The New York Post, a conservative tabloid owned by Rupert Murdoch, told readers on an almost daily basis through October that New York would effectively become a ghost town under Mamdani’s mayoralty, a propaganda campaign that concluded the day before the election with the bombastic claim that “nearly a million” people were planning to “flee”.

But a month after Mamdani’s historic win, there is no evidence that rich people are leaving the Big Apple. In fact, they seem to be committing to staying in New York.

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[–] PNW_Doug@lemmy.world 41 points 22 hours ago (6 children)

It feels to me like staying in New York City as taxes rise on the hyper-rich would be the ultimate flex. You're so wealthy you can't even be bothered to notice the plebs have raised taxes on you.

Some marketing team needs to get working on this angle, lol.

[–] vaultdweller013@sh.itjust.works 25 points 20 hours ago (2 children)

Fun fact in ancient Athens only the rich payed taxes because it was seen as both a flex and civic duty, since if you had enough money to qualify it meant you were doing very good.

Also was a good way to not go the way of the tyrant.

[–] XeroxCool@lemmy.world 8 points 14 hours ago

Can we go back to using the dirty money in donations to build libraries and improving educational systems instead of each billionaire hyping the next hyper surveillance platform and hallucinating aggregators?

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