New York State Fiscal Policy

At a Politico 'New York Agenda: Albany Summit' event last week, Democratic Gov. Kathy Hochul acknowledged that New York’s tax base has 'eroded' as wealthy residents and Wall Street firms relocate to lower‑tax states like Florida and Texas, saying she needs high‑net‑worth individuals to keep paying taxes to support 'generous social programs.' Hochul said remote work has intensified competition with states that have 'less of a tax burden' and urged New Yorkers visiting Palm Beach to 'see who you can bring back home.' Republican Nassau County Executive Bruce Blakeman, now the GOP nominee for governor, seized on her comments, blaming high taxes and cost of living for the exodus and mocking what he called her new strategy of 'ask them politely to come back.' Blakeman’s campaign laid out an 'affordability plan' that would eliminate state income tax on the first $50,000 for single filers and $100,000 for joint filers, cut property taxes by 10%, and 'cut utility bills in half' by rolling back mandates and taxes on energy. The exchange crystallizes how New York’s out‑migration of affluent taxpayers and businesses is becoming a central fight in this year’s governor’s race and a high‑profile example of the broader red‑state/blue‑state tax competition playing out nationally.