New York City is not dead. Between 2019 and 2023, people leaving New York City earned tens of billions of dollars more than those moving in. While much of the country is aging and losing children, the South has performed better, with Texas, Florida, the Carolinas and Tennessee leading among family migration destinations. Texas and Florida do not need to replace New York in every category. For long-duration residential capital, the strategy is increasingly clear: Treat constrained coastal markets as selective, opportunistic investments, and treat Texas, Florida and the broader southern growth corridor as the core demographic position.