For years there has been a continuous exodus of high tech talent out of NY. It is an expensive state to run a business and expensive for private sector employees/retirees to live in. High taxes, high utility bills, high unemployment, crushing regulations, overgenerous public welfare. Covid lockdown killed my 14 year engineering job along with 300 others in 2020. With employment opportunities in NY in heavy decline and 300 fresh workers thrown to the streets, I saw no point competing for the scarce jobs so I joined the exodus for better job better cost of living. And I am not moving back to NY.
NY has a high ratio of public sector to private sector workers, whose wages come from taxes on private sector workers. With more citizens leaving, the taxes to pay those public employees goes up for the private sector ones still living there. It is a vicious cycle that is accelerating. Public sector retirees enjoy a 100% state income tax deduction of state pension income, which is not available to the rest of us. State pension is dangerously underfunded from stock investment, when the economy is sour and the stock market tanks the comptroller has to raise taxes to fill in the gap. State government is corrupt, financial irresponsibility is rampant, and all three chambers are dominated by NYC politicians who are hostile to success and to the Constitution. Employers and talented employees have left NY for greener pastures, and they are not moving back. Companies can't attract recruits to move to NY, and college graduates won't stay in NY. A friend of mine is a senior architect for a global software company and they have trouble attracting recruits to work in NY.