NYC’s population dropped from 8.8 million (2020) to 8.26 million (2023)—losing 78,000 residents last year alone. Five thousand businesses closed or relocated in early 2023, with 8,400 closures vs. 3,500 openings—the worst business formation rate since COVID. New York ranks 50th in taxation and outmigration, with a 5.9% business tax rate (9th highest in the U.S.). Seventy percent of surveyed employers rate the state’s economy as “poor,” citing Albany’s escalating costs and red tape. Mayor Mamdani’s plan includes: 50% corporate tax increase (to 11.5%, matching NJ’s highest-in-nation rate) and “wealth tax” and $30/hour minimum wage. Businesses warn this will accelerate relocation to…
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