New York City Has Lost 70K Residents, $34B in Personal Income

The Grind:
A net 70,000 New York City residents left the metropolitan region since COVID-19, resulting in roughly $34 billion in lost income, according to estimates released Tuesday from Unacast, a location analytics company.

Around 3.57 million people fled New York City between Jan. 1 and Dec. 7 this year – and they were replaced by some 3.5 million people earning lower average incomes, the findings from Unacast said.

The Details:
To reach its findings Unacast looked at cell phone location data to examine the impact COVID has had on three neighborhoods: Williamsburg, Astoria and Tribeca.

Unacast found that those people took with them about $298 billion dollars of income, while the 3.5 million who immigrated to New York in that same time period brought about $264 billion to the city, leaving about $34 billion in lost income in the 8 months of the pandemic. Read more…

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