New York City has long been known as the city that never sleeps, but it seems that it’s becoming the city that nobody can afford to live in. According to data from the 2020 census, more than 300,000 residents have permanently left New York between 2020 and 2021, representing a staggering $21 billion in lost income. According to the New York Times, one-third of this exodus came from Manhattan, with the average income of the departed being $214,000.
While the reasons for this mass exodus are complex, the New York Post’s editorial board argues that much of the blame falls on the city’s Democratic leadership, including Congresswoman Alexandria Ocasio-Cortez (D-NY). In a recent town hall meeting, AOC suggested that the solution to making New York affordable again is simple: tax the rich. But the Post’s board argues that this claim is laughable.
The board points out that the city’s budget cuts, which AOC was protesting in the town hall, are a result of the Democrats’ immigration policies. With the city spending more than $12 billion through fiscal 2025 to house and support migrants, there simply isn’t enough money left in the budget for other essential services and programs.
But the reasons for New York’s affordability crisis go beyond immigration. AOC’s progressive ideology, which calls for higher taxes on the rich and stricter rent control laws, has also played a significant role. The board points out that this ideology has led to a decrease in the production of new housing, as developers are discouraged from building due to high taxes and restrictive regulations. As a result, the city is on track to see only 11,000 new units built this year, half the number from 2022.
In addition, AOC’s green policies have caused energy prices to soar, making it even more difficult for working-class families to afford to live in the city. The recent criminal justice reforms, including the end of cash bail, have resulted in an increase in theft and shoplifting, costing businesses billions of dollars.
The Post’s editorial board argues that AOC and her fellow Democrats need to take a hard look in the mirror if they want to know why New York has become unaffordable for the working class. Their policies, which prioritize progressive ideology over the interests of their constituents, are driving people out of the city and making it nearly impossible for those who remain to make ends meet.
In conclusion, unless there are significant changes in the city’s leadership and policies, the exodus from New York is likely to continue. The board warns that if AOC and her fellow leftists continue to prioritize their extreme progressive agenda, the city will only become more unaffordable and the exodus will accelerate.
