Wealthy Wall Street bankers are fleeing New York after driving up the cost of living: report

New York state became the first in the country to approve a plan for congestion pricing. The New York state budget includes a measure that will charge drivers entering New York City from New Jersey a fee, NewJersey.com reported. The earnings are earmarked for improvements to the MTA, the city's embattled public transportation system. Congestion pricing is also supposed to alleviate traffic snares.

But even as lawmakers struggle to make New York City more livable, real estate prices are going up so fast even the wealthy are abandoning the city in droves.

Business Insider notes that compensation -- even for wealthy professions like banking -- is not keeping up with the cost of living.

"The massive bonus pool typical for city workers is under stress as more bankers and traders bolt for Florida and other states to escape New York's punishing taxes and steep living costs," John Aiden Byrne wrote in the New York Post, citing experts who analyzed the latest compensation data from the state comptroller.

San Francisco is also pushing residents away due to the exorbitant cost of living.