So I recently bought a Turnstiles vinyl, and when New York State of mind came on, I quickly realized that the saxophone parts are completely different from the versions on Spotify. Is there two recordings or is something else going on?

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We recently published an Investment Perspectives examining how the state of California has addressed its fiscal challenges, and why it remains an attractive destination for municipal-bond investors. Here, we take a similar look at New York, outlining the fiscal picture for both New York City and New York State.

The great population exodus that was touted to be the end of New York has yet to materially affect the finances of the city or the State of New York, and we are now seeing signs that the number of people moving out is slowing, and, in the case of downtown Manhattan, reversing. The outmigration from New York City during the pandemic officially ended in 2022, with net domestic migration in the city posting a 0.2% increase for the year following a 6.2% decrease in 2021, according to a JLL study of U.S. Census Bureau data.1 In the first pandemic year, NYC saw more people moving out than any other metro area in the United States. Many of those people found new homes in nearby suburban areas like Rockland, Suffolk, and Westchester Counties, while some ventured out of state.2

Some areas of the state continue to face outmigration pressure, but as of October 2022, Manhattan was seeing a strong comeback with population 3.9% above pre-pandemic levels.3 Based on 2022 data, Manhattan had a move-in to move-out ratio of 1.15.4 Top pandemic destinations such as Austin, Dallas, and Philadelphia saw a trend reversal and are now sending more people to NYC on a net basis (departures minus arrivals).5 This has been evident in record rent prices, which have climbed 8% year over year through June 2023 in Manhattan, condo prices near historical peaks, and a near-full recovery in NYC employment at 4.68 million jobs versus 4.7 million in February 2020, with 143,000 jobs added since June 2022.

A U.S. census estimates showed a 2.7% drop in population for the state from year-end 2020 to 2022, but tax revenue and the economy have remained resilient. More pressure on state finances is coming from financial market volatility rather than from falling population; the state has responded to revenue shortfalls with conservative budgeting measures. State personal income taxes, which make up 56% of total revenue, are down 27.4% year over year, as collections were affected by 2022 market volatility. The drop in personal income taxes has resulted in a total revenue drop of 16.9% from March to July 2023. Offsetting some of the pressure on personal income taxes was growth in consumption and use taxes, up 5.7% year to date. Due to conservative budgeting, however, state receipts through the first quarter were $450.8 million higher than expected.

this is an awsome song...everything billy joel does is awsome. hes the coolest guy ever and he grew up on long island just like me he even went to the same high school as my mom. mabye im the only teenager that likes billy joel but when ever "im in a new york state of mind" i take a break from my usual punk and emo ad chill to billy joel. i gotta support a fellow long islander :)

That feinstein fellowe doesn't like Mr. Joel's works very much, does he? Anyway, I've liked Billy Joel since... oh, preschool, before I knew about artists and song-writing, etcetera, I only knew what I heard on the radio. I distinctly remember several of Billy Joel's songs (not this one, mind you) and Sting's, well, NOW he's Sting, but I remember the Police recordings. Oh, how I ramble on, such a chatterbox for a 13 year old! 17dc91bb1f

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