Special from ZeroHedge
The folks of New York City seem to be slowly waking up to the fact that there are a whole lot of places to live in between America’s two shores that cost a lot less money, enjoy much better weather and don’t tax their citizens to death. According to the latest data from the United States Census Bureau, the New York area has lost a total of nearly 1 million residents to domestic migration in just the past 6 years alone.
Of course, if you listen to the Empire Center for Public Policy research, the mass exodus isn’t related to the Big Apple’s excessive cost of living or ridiculous tax structure but rather is just a symptom of the improving economy. Per the New York Post:
The number of people leaving the region — which includes parts of New Jersey, Connecticut, the lower Hudson Valley and Long Island — in one year swelled from 187,034 in 2015 to 223,423 in 2016, while the number of international immigrants settling in the tristate area dwindled from 181,551 to 160,324 over the same period, records show.
The nation’s economy is improving, there are more jobs in cheaper places to live, and retirees are choosing to move to warmer climates, experts say.
“The historical trend is that out-migration grows when the economy is getting better,” said Empire Center for Public Policy research director E.J. McMahon.
“As the economy gets better, there are more jobs outside the region and by the same token . . . more people to buy your house if you’re a baby boomer looking to move to Boca Raton or Myrtle Beach.”
Not surprisingly, Chicago saw the 2nd highest outflow of people followed closely by Los Angeles.
Moreover, in another ‘complete shock’, the people ditching NYC, Chicago and LA in record numbers are flocking to Texas and Arizona where they can enjoy sunshine 350 days a year, cheap housing and substantially lower tax rates.
And while San Francisco hasn’t shown up on the ‘biggest loser’ list just yet, as we reported last week, a growing number of snowflake millennials are saying they can no longer stand to live in the preeminent American ‘safe space’ because the “rent is too damn high”, the traffic is too damn congested and, well, President Trump. According to a new poll conducted by the Bay Area Council, 40% of all people living in San Francisco say they’re ready to ditch the city for greener pastures while the number is even higher among millennials at 46%.
A growing number of Bay Area residents, led by millennials (18-39), are looking to greener (or less expensive) pastures as the region’s housing and traffic crises combined with an astronomical cost of living take their toll, according to results of the 2017 Bay Area Council Poll released today. The poll found that 40 percent of respondents are considering leaving the Bay Area in the next few years, with millennials leading the way at 46 percent, along with those who spend the biggest share of their income on housing.
“Losing our youth is a very bad economic and social strategy,” said Jim Wunderman, President and CEO of the Bay Area Council. “But until we get serious about building the housing we need we’re going to continue seeing our region drained of the young and diverse talent that has helped make the Bay Area an economic powerhouse. We know what the solutions are – streamline local approval and reduce fees and regulatory costs – we just need the political will here and in Sacramento to make them happen. It can be done, it must be done and we’re working now to get it done.”
Meanwhile, the number of people saying they’re looking to ditch the city jumped 6 points versus 2016.
Of course, housing and traffic were the most cited reasons that people were looking leave San Fran. But, in a rather surprising new addition to the list of complaints, President Trump also showed up as a key threat to life in the Bay Area. Perhaps, the snowflakes of California’s northern shores aren’t aware that even if they move elsewhere in the country that President Trump would still be their president?
Guess spending $1.2 million on those 600 square foot studio apartments gets old after a while…