Why do People Leave New York City?
In the most recent two years, New York City’s population has been growing. But this follows a decade of declining population. In our view, it’s more likely than
December 10, 2025
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In the most recent two years, New York City’s population has been growing. But this follows a decade of declining population. In our view, it’s more likely than
New York City is hemorrhaging population at a pace not seen since the 1970s—and the exodus shows no signs of abating. The departures are not, as conventional wisdom holds, struggling families priced out by unaffordable housing: they are young, well-educated professionals earning 13% more than their peers who stay. From
Part of the reason volumes have been so low is that there was a surge of activity during the pandemic. With record low mortgage rates, newfound work mobility, and the need for more domestic space, millions of people changed their living situation in 2020-21. It’s hardly surprising that we’ve had
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