New York’s mayor-elect, Zohran Mamdani, campaigned on a promise to raise the city’s income tax on its richest residents from 3.9% to 5.9%. Combined with the state income tax, which is 10.9% for the top bracket, the increase would cement the city’s position as having the highest taxes on top earners in the country.

It set off a chorus of warnings about the tax flight of the city’s wealthiest residents.

Hedge fund billionaire Bill Ackman claimed that both the city’s businesses and wealthy residents “have already started making arrangements for the exits.”

New York Gov. Kathy Hochul echoed the concern, opposing the proposal “because we cannot have them leave the state.” Before the election, Mamdani’s opponent, former New York governor Andrew Cuomo, joked that if Mamdani won, “even I will m

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