“”””Cursory review of the internet indicates that the budget for New York City is $116 billion. So maybe the number quoted here is off a bit.
But the concept is still sound. A handful of extremely wealthy people are expected to pay a disproportionate amount of the city taxes. And if they move out, then that creates other problems.....””””
I am in agreement. I think the NYC budget is around $116 billion.
The big hurt for NYC will come when the Corporations move their offices from NYC.
In today’s internet world there is less and less reason for a corporation to lease a huge office building located in NYC.
My background is in the oil industry.
I remember the good old days when ——
1. Mobil was headquartered in New York City.
2. Exxon was headquartered in New Jersey
3. Amoco was headquartered in Chicago
4. Chevron was headquartered in San Franscisco
The people who worked in the headquarters were not necessarily rich, but they were among the highest paid employees in those cities.