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Wait, why would capital gains make less of a difference? New York does not have a separate capital gains tax -- it's taxed at the same rate as regular income. It makes zero difference to the article's analysis if your income comes from investments or ordinary income (in fact, I would think that the NY vs FL difference is probably even more tempting to someone with capital gains income even if the raw dollar amount is the same).

You've also mixed up your before and afters for NYC when you tried to copy from the chart (NYC became more expensive after the new law, Miami became less expensive). The difference before the new law was about 700k, and the difference after the new law is about 1.2m. As the article says, the difference between taxes in Miami and NYC has gotten $450,000/year worse with the new law, not $100,000 worse.

I think you're probably right about the overall impact being small, however.

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