Governor Kathy Hochul has started state budget negotiations with a $216 billion proposal. The state is working with a budget surplus, which many hope will slow the migration of people leaving New York State.
In 2020, New York adopted higher taxes on its wealthiest residents to cope with hardships associated with COVID-19 pandemic. Some believe taxes on rich is what caused the influx of people leaving the state in the first place, according to NY State of Politics blog.
Still, things are looking brighter for New Yorkers overall as 62.6% of jobs lost from the beginning of the pandemic have been recovered.