Outflow of population amid pandemic cost New York $ 34 billion

According to the study, a massive outflow of the population amid a pandemic COVID-19 cost New York $ 34 billion. The publication told about the areas from which residents left most often. New York Post.

The massive outflow of the population due to the COVID-19 pandemic cost New York $ 34 billion. This is stated in a new study published by Unacast on December 15.

About 3,57 million people left New York City between January 1 and December 7, 2020; about 3,5 million people came to replace them, on average earning less than those who left. That is, the Big Apple lost 70 thousand of its inhabitants during the pandemic.

“The churn is not as large as expected,” said Thomas Walle, CEO and co-founder of the research company Unacast. "It may be more influenced by how the population is changing and how the demographic situation is changing."

Unacast analyzed anonymous cell phone location data to see how the pandemic affected areas such as Williamsburg, Astoria and Tribeca.

So from the area Tribecawith a population of 20 thousand people, 3 people left. This resulted in $ 500 billion in losses for the city.

More than 8 residents who moved out of downtown Manhattan earned an average of about $ 000 a year, Wallle said. A typical person who moved to the area during a pandemic earns an average of $ 140 a year.

The Unacast report notes a clear decline in New York City incomes due to this migration.

“Residents can afford less in terms of mortgages, rentals, restaurants, retail and other consumer spending. As a result, stores and other businesses accustomed to serving higher-end customers are likely to lose market share and be replaced by more affordable brands. Where Chanel and Ruth's Chris Steak House once were, H&M and Outback can come. "

On the subject: Leaving New York: why people with money go to other states

From Williamsburg, where about 80 thousand people live, about 19 thousand people left by the beginning of September. This equates to a loss of $ 1,3 billion in revenue. “This is one of the hardest hit areas in New York that we have studied,” the study notes.

About 18 thousand people left Astoriawhich cost the district $ 1,29 billion in lost revenue. But 14 new residents came to Queens.

Retail and restaurants have also been hit hard this year by security restrictions imposed by the pandemic.

Compared to last year, customer traffic in retail stores decreased by 33%, and in restaurants - by 34%.

Unacast believes that the reason for such indicators is the decline in household income.

Recall that Manhattan apartment sales fell 54% - This is the largest percentage decline in the last 30 years. The real estate market will have to work hard to recover from the crisis, experts say.