Albany, NY – Governor Kathy Hochul is raising concerns over the financial impact of wealthy residents and major businesses leaving New York, pointing to migration to lower-tax states like Florida and Texas as a growing threat to the state’s revenue base. In recent remarks, Hochul acknowledged that shifting work patterns and tax competition are reshaping where high earners choose to live and pay taxes.
The governor said New York’s reliance on high-income taxpayers to fund public programs has made the state particularly vulnerable to these departures, especially as remote work allows more flexibility in residency.
New York Gov Kathy Hochul is begging wealthy people who have moved to Florida and Texas to come back to New York and pay taxes. 🤣
— Based Jessica (@RealJessica) March 18, 2026
"I need people who are high net worth to support the generous social programs that we want to have in our state. Now, there are some patriotic… pic.twitter.com/B4ql1ktcq6
Governor links outmigration to tax structure and remote work shift
“I need people who are high net worth to support the generous social programs that we want to have in our state. Now, there are some patriotic millionaires who stepped up. OK, cut me the checks if you want to be supportive, but maybe the first step should be go down to Palm Beach and see who you can bring back home,” said Hochul.
“I have to look at the fact that we are in competition with other states who have less of a tax burden on their corporations and their individuals. And I would say remote work changed everything.”
Key Points
- Hochul says wealthy residents leaving New York are impacting state finances
- Migration to lower-tax states like Florida and Texas is accelerating
- Remote work has reduced the need for high earners to remain in New York
Hochul described a shift from a time when high-income workers were largely tied to New York-based offices, particularly in Manhattan, to a new landscape where location is more flexible.
“There were people who could only work in an office in Manhattan and work in New York state. And they were captives to our state, they were going to stay. We saw that that’s not the case,” she said.
Competition from low-tax states intensifies pressure
The governor pointed to states like Texas as direct competitors attracting financial firms and corporations, driven in part by lower tax rates.
“Wall Street businesses looking at Texas, they’re not going there because they have a nicer governor. They’re going there because of the tax rate,” Hochul said.
State officials have not outlined specific policy changes tied to the comments, but the remarks underscore ongoing fiscal pressures as New York weighs how to retain high-income residents while continuing to fund social programs.