So what exactly happens if more people vote "No" than "Yes" on August 1st?

First off, NO they will NOT relocate. If they leave the island, then they would likely go under because they would be to close to the rangers and devils. If the people vote "No" then they would be in the same spot as the Red Wings (trying to find a different way to get a new arena). But I personally think that the people will vote "Yes", because New York's economy is pretty good compared to most states.