Catsimatidis Criticizes Hochul's Efforts to Lure Wealthy Back to New York

Grocery store mogul dismisses governor's push to reverse high-income resident outflow

Mar. 20, 2026 at 2:46am

Got story updates? Submit your updates here. ›

John Catsimatidis, a prominent New York businessman, has strongly criticized Governor Kathy Hochul's attempts to encourage wealthy residents who have relocated to lower-tax states like Florida to return to New York. Catsimatidis dismissed Hochul's messaging as a "joke," arguing that those who have left are unlikely to come back given the state's high taxes, cost of living, and regulatory environment.

Why it matters

The debate over how to retain and attract high-income earners has become increasingly urgent for New York, as the state grapples with the outflow of affluent taxpayers to other regions. Catsimatidis' comments reflect a growing skepticism among some business leaders about the effectiveness of the state's current strategies to address this issue and stabilize New York's economy.

The details

Hochul has been vocal about the need to retain and attract affluent taxpayers, arguing that their return is critical to supporting state revenue and stabilizing New York's economy. However, Catsimatidis, the owner of the Gristedes grocery store chain, dismissed Hochul's efforts, stating, "This is a joke, nobody who has gone down to Florida is coming back." Catsimatidis' remarks underscore the broader debate over New York's economic future, with leaders divided on whether policy changes are needed to make the state more competitive or if current strategies can successfully bring residents back.

  • Hochul has been vocal about the need to retain and attract affluent taxpayers in recent months.

The players

John Catsimatidis

A prominent New York businessman and the owner of the Gristedes grocery store chain.

Kathy Hochul

The current Governor of New York, who has been pushing efforts to lure wealthy residents back to the state.

Got photos? Submit your photos here. ›

What they’re saying

“This is a joke, nobody who has gone down to Florida is coming back.”

— John Catsimatidis, Businessman

The takeaway

Catsimatidis' criticism of Hochul's efforts to retain and attract high-income earners to New York highlights the ongoing debate over the state's economic future and the effectiveness of current strategies to address the outflow of affluent residents to lower-tax regions.