Why New York Desperately Needs Help From Florida, Texas

New York State needs help from residents in Texas and Florida to fix issues in the Empire State.

Governor Kathy Hochul is making a pretty blunt pitch to the wealthy. Come back to New York.

Hochul Says Wealthy Must Return To New York To Fix Budget

New York Gov. Kathy Hochul says New York needs more wealthy residents to move back if the state wants to keep funding major programs.

Speaking at a recent political summit, Hochul didn’t sugarcoat the issue.

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“I need people who are high net worth to support the generous social programs that we want to have in our state,” she said.

New York Is Losing Residents To Florida and Texas

Hochul notes that New York is in direct competition with lower-tax states like Texas and Florida. Adding that remote work has made it easier for high earners to relocate.

She suggested that a "first step" to fixing the budget might be going to Florida to convince former New Yorkers to move back.

“We are in competition with other states that have less of a tax burden,” she admitted. "Maybe the first step should be to go down to Palm Beach and see who you can bring back home."

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Criticism From Both Sides

That comment quickly grabbed attention, as many former New Yorkers, especially wealthy ones, have relocated to Florida in recent years.

Republicans slammed the comments as out of touch.

While some Democrats argued the state shouldn’t be asking wealthy residents to come back, but instead taxing those who remain at higher rates.

Hochul has pushed back on raising taxes. She warns that it would only drive even more high earners out of New York.

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