New York City has long been the glittering playground for the world’s wealthiest people. After all, if you can make it here, where luxury high-rises pierce the sky, designer boutiques line every avenue and exclusivity is the city’s currency, you can make it anywhere. With nearly 400,000 millionaires calling N.Y.C. home, the most of any city on the planet, its allure is undeniable.
But what if, overnight, these deep-pocketed residents decided to pack up and leave? How would the city’s famously sky-high rents respond? Would the departure of such a wealthy class finally open the door for the struggling middle class, or would the city’s housing crunch persist?
