Gov. Hochul Urges Wealthy Refugees to Return and Support New York Taxes

In 2022, Gov. Kathy Hochul urged Republicans at a campaign rally to leave New York and head to Florida. Many residents subsequently moved away, and not all were political opponents.

By early 2026, Hochul was publicly seeking wealthy former residents to return. She said the state needs high-net-worth people to help fund social programs.

Migration trends

A Citizens Budget Commission study found New York City lost 102,000 residents to Florida. The report estimated the departures carried $13.7 billion in personal income from 2018 to 2022.

The Empire Center used U.S. Census data to show the state lost 238,000 residents from 2020 to 2024. That decline equaled a 1.2 percent drop, while U.S. population rose over the same period.

• Departing New Yorkers most often moved to Florida, California, and Texas.
• A 2022 Stanford analysis noted that in 2021, 221,000 Americans moved to Florida.
• The Stanford study also reported 352,000 people left New York in that year.

Fiscal and economic impacts

New York State Comptroller Thomas P. DiNapoli warned that state spending is growing rapidly. His February 2026 report projects spending will rise faster than inflation and projected revenues.

Research suggests taxes influence migration. A 2020 study by Henrik Kleven and colleagues found high-income workers are especially responsive to tax differences.

Longer-term work shows similar patterns. A 2024 historical paper linked the introduction of income taxes to outmigration toward non-income-tax states.

Business shifts and financial services

A February 2026 Partnership for New York City report found Texas surpassed New York. In 2024, Texas employed the most financial services workers, excluding insurance and real estate.

The same report said financial services recruitment favored Texas, with about 9 percent more job postings in 2025. New exchanges and business relocations are challenging Wall Street’s dominance.

Political context and the appeal to return

Hochul’s 2022 remarks encouraged political rivals to leave. She later acknowledged the state faces competition from lower-tax states.

On March 11, 2026, in an interview with Politico, she urged outreach to wealthy former residents in Palm Beach. She suggested some high-net-worth individuals could write checks to support programs.

Gov. Hochul urged wealthy refugees to return and support New York taxes to help fund the state’s spending priorities. Her comments link fiscal needs to migration trends.

Analysts say remote work amplified mobility. Companies and workers can now relocate based on taxes and business climate.

Politicians who encourage exit may later seek returnees. New York’s recent experience highlights that dynamic.

Reporting and analysis for Filmogaz.com.