Zohran Mamdani’s win in NYC mayoral race and proposed millionaire tax spark wealth flight fears. However, there is no evidence of real estate slowdown or wealth loss. Miami sees influx of NY wealthy. Concerns over Mamdani’s tax plan and effect on economy. High earners can move out of NYC to avoid tax.

Mamdani can’t raise income taxes, controlled by Albany. Critics fear policies could increase city’s danger. Top earners pay 40% of income taxes. NY lost $14 billion due to taxpayer outflows. NYC revenue from income taxes declined, but number of millionaires and billionaires in NYC doubled. Luxury market still strong.

NY remains magnet for wealthy despite tax concerns. Demand for luxury apartments in NYC still high. The city’s millionaire and billionaire population rebounded quickly post-Covid. Media narrative on wealth flight from NY exaggerated. NYC’s economy continues to produce more millionaires than it loses.

Direct impact of Mamdani’s tax plan on wealth flight may be limited. Top earners leave NYC at lower rate than other income groups. Wealthy who move often go to other high-tax states. Study shows high tax rates lead to outmigration and lower income growth. Taxes have significant impact on wealthy population movements.

Read more at CNBC: New York City braces for wealth flight with Mamdani’s political rise