Former Gov. Pataki Warns New York Exodus of Job Creators 'Is Just Going to Get Worse'
Key Takeaways
- •Census Bureau estimates show New York has consistently ranked among the states losing the most residents to net domestic outmigration in recent years.
- •Former Governor George Pataki said entrepreneurs, financial leaders, and major philanthropic donors are among those leaving New York.
- •Major financial firms have expanded offices and headcount in lower-tax cities such as Dallas, West Palm Beach, and Nashville, while New York still hosts the country's two largest stock exchanges.
- •Pataki warned that additional tax increases and rising debt could worsen outmigration and leave the state with unsustainable obligations.
- •Despite his concerns, Pataki expressed optimism that New York's resilience would allow it to recover if the right policies are adopted.
New York is not only losing residents — it is losing some of the people who help power its economy.
As residents continue leaving the state for other parts of the country, former New York Gov. George Pataki is warning that entrepreneurs, financial leaders and major donors are increasingly heading for the exits.
Pataki, a Republican who served as governor from 1995 to 2006, joined FOX Business' Cheryl Casone on "Mornings with Maria" to discuss the state's outmigration, its business climate, and the policies he believes are pushing residents and job creators elsewhere. His comments come as Census Bureau estimates have shown New York consistently ranking among the states losing the most residents to net domestic outmigration in recent years.
"You know, it's just almost tragic to see the loss of people, not just people, but people who create jobs, who donate to hospitals and museums, the best of New York, the people who have made New York the entrepreneurial and financial center are just leaving," Pataki said.
The former governor argued that New York risks weakening its standing as the nation's financial center as companies expand their workforces elsewhere, pointing to the growing pull of lower-tax states such as Texas. Major financial firms in recent years have expanded office footprints and headcount in cities like Dallas, West Palm Beach and Nashville, even as New York remains home to the country's two largest stock exchanges.
"We fought hard to keep it the financial capital of the world. It still is for the moment. But if we continue these tax-and-spend and soft-on-crime policies, it's just going to get worse," he said.
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Pataki also cautioned that additional tax increases and rising debt could deepen the state's challenges and drive even more residents away. Still, he said New York has the ability to reverse course.
"We're going to end up not just with the highest taxes in the country, but with unsustainable debt, with more people leaving," Pataki said. "We're not doing great right now, but New York is New York. It's very resilient. It still has great people. We put in place the right policies and it will come roaring back. So in that sense, I'm an optimist."
