Conservatives warned of a mass exodus if the democratic socialist won, but experts, and property data, paint a very different picture
The warnings were stark. If Zohran Mamdani were to win the New York City mayoral election, his plans to raise taxes – slightly – on the city’s wealthiest residents would cause millionaires to bolt en masse, decamping to lower-tax states such as Florida and Texas.
The New York Post, a conservative tabloid owned by Rupert Murdoch, told readers on an almost daily basis through October that New York would effectively become a ghost town under Mamdani’s mayoralty, a propaganda campaign that concluded the day before the election with the bombastic claim that “nearly a million” people were planning to “flee”.
But a month after Mamdani’s historic win, there is no evidence that rich people are leaving the Big Apple. In fact, they seem to be committing to staying in New York.
God I remember when the phrase was temporarily embarrassed millionaire… most people’s incomes haven’t risen that much in decades and being a millionaire is a nothing burger.
Appreciation of a home and a healthy retirement fund can easily be over a million, so I opted to bump it to billionaire because decamillionaire isn’t as clean. But I guess $1 million is still out of reach for the majority of the US population so it could still be temporarily-embarrassed millionaire all the same. Yet again, it’s the billionaire class convincing the decathousandaires the tax cuts for the ultra rich will make them more money