“Wait - doesn’t make sense unless the rich are fleeing New York.”
It is always the rich that flee a state for lower tax rates.
The rich are far more “mobile”, and most likely already have houses in other states - so it’s really just a matter of paperwork for them to change their official residency.
We middle class folk have a much harder challenge when we want to move. Find a new job, sell the house (often means doing renovations, waiting for a seller’s market, waiting for the right buyer), buy a new house (same thing - it takes time - it’s a big deal).
What Cuomo fails to realize is that this exactly what the tax policy was supposed to do - make high tax rate states face competition - pressure them into lowering their tax rates to keep and attract (rich) residents.
Yep. The SALT cap is not a bug. It is a feature.