I live in NYC. The problem is that there’s literally 0 housing. That’s it. Literally so many people want to move here, but you look on all of streeteasy on a given day and there’s like 500 apartments. In a city of millions. Sure you can pay more and get something. But it used to be that you traded a lot of quality of life (in unit washer dryer, dishwasher, ac, no walkups, cars, space, etc) for a lower price and the s…
This would make sense if the population growth was increasing but at a slower rate. But, the population is actively declining. Somehow, 5.3% of people went from having housing to leaving, so I don’t think housing is the only story here.
Yes, when your rent goes up 10-20% YoY and you simultaneously lose some or all of your income, you tend to leave.
A lot of people left NYC in the last few years because they could not afford it, with housing being both the main expense and also the one that has increased the most in the last few years.