New York City Mayor Bill de Blasio is certain wealthy New Yorkers who have fled the city during the coronavirus pandemic will return, but New York City Council Minority Whip Joe Borelli told Fox Business Network's "Cavuto: Coast to Coast" that will most likely not be the case.
“Suddenly Bill de Blasio is a fan of laissez-faire economic policy,” Borelli told host Neil Cavuto Tuesday. “Look, I’m not rich, but I’m told that it’s really great to be rich in New York City. It’s also really great to be rich in Florida or in Europe or any of the other many places wealthy people live.”
Borelli contended that upper-middle-class New Yorkers are leaving the Big Apple in droves because restaurants, Broadway shows, nightlife and all elements that make New York so spectacular, and worth the money, aren’t taking place anymore.
“And combined with that, we see the rising costs of the tax burden that continues to go up, that will only increase as the city goes down this financial road,” he added. “It just doesn't make sense or it makes less sense for a lot of people who have the means to leave.”
Borelli explained that the top 2% of New Yorkers are paying half of the state’s income tax, which means their absence will have a “deleterious” impact on the social programs Mayor de Blasio “frequently touts.”
New York Democratic Gov. Andrew Cuomo has also expressed concern about the wealthy leaving the state. Borelli told Cavuto that Cuomo's concerns are valid since wealth is “very mobile," yet de Blasio seems to not care.
“It is just incredible to think the mayor would be so lackadaisical about attracting people who want to spend money,” he said.
Borelli told Cavuto that even without income tax being a concern, the lack of people feeding the economy and keeping a “vibrant population” will impact sales tax and, ultimately, how the government gets paid.
“The city government is a 4.5% partner on almost every retail transaction that happens within its limits,” he said. “So when ... businesses are shuttered for a year, and now there might be long consequences of population decline, it's not just as simple as saying this is going to be one tough year. This could be a long-term problem. And the mayor just doesn't seem to take this with a serious attitude. And he needs to.”