About 3.57 million people moved out of New York City during the COVID-19 epidemic, replacing them with 3.5 million lower-income people, costing the city $34 billion, according to a study released Thursday by location analysis firm UNACAST.com.
‘Overall, the net number of people who left the metropolitan area this year was 70,000,’ said Thomas Walle, chief operating officer and co-founder of Unacast. “The outflow is not as big as people say, perhaps the bigger impact is the demographic changes that have taken place.”
To come to the conclusion that Unacast using anonymous phone positioning data, the importance of cloth Williamsburg, brooklyn, queens, astoria and Manhattan tribeca was analyzed, with a population of 20000 tribeca hardest hit in the three areas, residents a net loss of 3500 people, the equivalent of $1 billion net loss.
The average income of the more than 8,000 residents who move out of Manhattan’s affluent midtown neighborhoods is about $140,000, and the average income of a typical resident moving into the area is $82,000, Mr. Wall said.
The report notes that falling incomes mean less spending power on mortgages, rents, food and drink, and retail and other consumption. As a result, stores that are more used to catering to higher-end customers may lose out to more affordable brands.
About 80,000 people live in Williamsburg, Brooklyn, and by Sept. 7, about 19,000 people had moved out, losing nearly $1.3 billion in revenue — “one of the hardest hit neighborhoods in New York City,” Unacast found.
In Astoria, Queens, about 18,000 people moved out, costing the community about $1.29 billion, but 14,000 new residents poured into the borough, the survey found.
Retail and restaurants have also been hit hard by the epidemic restrictions, with 33 percent fewer retail visitors and 34 percent fewer diners compared to last year’s ranking, according to Unacast.
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