Upstate United: Hundreds of Thousands of New York Residents Left and Took Billions of Dollars with Them

April 1st, 2026

Statement attributed to Justin Wilcox, Executive Director of Upstate United

“The data from the Internal Revenue Service (IRS) in today’s Albany Times Union article is as alarming as it is timely while lawmakers continue to negotiate this year’s fiscal plan. The data shows that nearly $10 billion in taxable income was lost due to the significant outmigration of New Yorkers between 2021 and 2022. This figure not only validates the concerns we have raised about New York’s affordability crisis and its ability to remain competitive but also underscores the need for lawmakers to reject any new taxes in this year’s enacted budget. Otherwise, we are bound to see yet another exodus of New York’s highest earners.

“Since 2020, hundreds of thousands of residents have fled New York, often with major industry leaders, including those in the financial sector, not too far behind. And while a consistent revenue source of taxable income moves to more welcoming and affordable states, New York’s financial plan continues to rise by billions of dollars. The consequences of failing to provide necessary relief to overtaxed New Yorkers are real. If state leaders do not address affordability, the already struggling families and businesses will be left to foot an ever-increasing bill.”