as high-net-worth residents continue to depart for lower-tax destinations, leaving behind a funding gap for the expansive social programs that define the Empire State’s approach to governance.
Speaking at Politico’s New York Agenda: Albany Summit, Hochul openly pleaded for wealthy individuals—many now residing in places like Florida and Texas—to return or persuade their peers to do so, acknowledging that these taxpayers are essential to sustaining the generous welfare framework New York has built.
The governor’s remarks came amid mounting pressure from progressive voices, including New York City Mayor Zohran Mamdani, who has pushed for significant tax increases on the rich to address budget shortfalls. Hochul resisted those calls, arguing instead for retention rather than coercion.
She praised a handful of “patriotic millionaires” who have voluntarily contributed, but emphasized the need for broader participation.