> Back in 2020, I warned that then-Mayor Bill de Blasio was setting the stage for fiscal crisis. > During his eight years in office, he violated fiscal policy’s golden rule by increasing the burden of government spending at three times the rate of inflation. > And all that spending requires lots of taxes, which helps to explain why residents were escaping New York City even before the pandemic. > But the pandemic accelerated the exodus, and that is turning a bad fiscal situation into a terrible fiscal situation for the new Mayor, Eric Adams. > Reporting for the New York Times, Nicole Hong and Matthew Haag write about how rich people (and their tax revenue) have been escaping New York City.