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New York isn’t just losing residents — it’s losing some of the people who help power its economy.
As New York continues to see residents move to other states, former New York Gov. George Pataki is warning that entrepreneurs, financial leaders and major donors are increasingly heading for the exits.
Pataki 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.
“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 position as the nation’s financial center as companies expand their workforces elsewhere, pointing to the growing pull of lower-tax states such as Texas.
“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 warned that additional tax increases and rising debt could deepen the state’s challenges and drive 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.”
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