Earlier quoted context omitted.
Not really surprising given the device's age, but still disappointing given the presumably rather large number of Nexus 5 still in use. The bigger story may be the inability to come up with a compelling reason for N5 users to upgrade, other than getting the latest OS revision. The N5's compactness in particular makes the 5X (and the impending successor, codenamed "Sailfish") a tough sell.
It'll be a bummer not using latest android for the first time in many years (HTC G2 -> Nexus 4 -> Nexus 5), but I really can't imagine anything compelling me to pay hundreds of dollars for a new phone for a couple more years. The Nexus 5 has been practically the perfect phone for me.
If you want to save a couple hundred dollars, then maybe it's time to learn about a custom recovery and loading the 7.0 rom yourself!
I don't think the factory images are even out yet, so it'll take a bit for them to get a nice stable AOSP+gapps package for you