CBC 'Competitive NYC' Report: $68B Income Loss, 31% Drop in Millionaire Share, $2B PIT Hole

The Citizens Budget Commission's "Competitive NYC" Value Proposition Tracker — surfaced again in a Sun May 2 NY Post Editorial Board piece — frames Mamdani's spending agenda as fiscally untenable. Key findings: (1) people who moved out of NYC 2019-2023 earned $68B more than those who moved in; (2) NYC lost ~114,000 net domestic residents to other US cities in 2025; (3) 2025 outflow spread across ALL income levels for the first time; (4) NY State's share of US millionaires dropped 31% between 2010 and 2022 — more than any other state; (5) had NY held 2010's share, NYC would have collected ~$2B more in personal income tax this year; (6) DOE enrollment fell 88,300 between 2014-15 and 2020-21, then another 69,600 by 2024-25; (7) 249 schools at <50% capacity, 596 at 50-80%. CBC policy ask: spending cuts, not tax hikes. NY Post Editorial: Mamdani's $127B budget unsustainable without cuts; tax-the-rich approach will accelerate flight. Lands the day after Bloomberg's May 1 "NYC wealthiest rallying around Griffin" piece — a combined tax-the-rich pressure cycle that compounds the Hochul PTET rejection.

• keptPied-à-terre tax on $5M+ second homes
• brokenCorporate tax hike ($1.75B/year)
• brokenDouble DCWP budget to $135M
• brokenIncrease Human Rights Commission funding to $21M

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