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4h ago

Hochul Urges Wealthy Ex–New Yorkers to Return as Tax Fight Heats Up Before Budget Deadline

She is resisting statewide income‑tax increases during budget talks over how to close persistent gaps.

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An image collage containing 2 images, Image 1 shows New York Gov. Kathy Hochul speaking at a press conference with "Combating Climate Change Creating Good Jobs" on the podium, Image 2 shows Six of the most radical leftist mayors in the United States – including NYC's own Zohran Mamdani – are forming a transnational super group critics fear will turn The Melting Pot into a hammer and sickle

Overview

  • Gov. Kathy Hochul said New York’s tax base has “eroded” and urged wealthy former residents to come back, pointing to Palm Beach, Florida, during a March 11 Politico forum.
  • She cited competition from lower‑tax states and the rise of remote work, noting that some Wall Street firms are eyeing Texas because of tax rates.
  • New York City Mayor Zohran Mamdani and allied lawmakers continue to press for higher taxes on top earners and corporations to address fiscal shortfalls, warning that property taxes could rise if the state does not act.
  • Republican Nassau County Executive Bruce Blakeman criticized Hochul’s remarks and argued high taxes and living costs have driven residents away as he campaigns for governor.
  • State officials said a recent gap was largely eased by a strong Wall Street year with bonuses up about 25%, underscoring New York’s reliance on high‑income taxpayers.