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Research shows that the exodus of rich people from New York has caused about $34 billion in lost revenue From Unacast

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The following is the Research shows that the exodus of rich people from New York has caused about $34 billion in lost revenue From Unacast recommended by recordtrend.com. And this article belongs to the classification: Life data.

Thousands of people moved out of New York City during the outbreak, but at the same time, millions of other lower income groups replaced them, according to a study released on Tuesday.

According to unacast, a location analysis firm, a net outflow of 70000 people from New York this year has cost the region about $34 billion in lost revenue.

About 3.57 million people left New York City between January 1 and December 7, according to the unacast report. During the same period, about 3.5 million people with lower average incomes moved into the area.

Thomas walle, chief executive and co-founder of unacast, said: “the scale of flight is not as large as people talk about. Perhaps the bigger impact is demographic change and demographic change. “

Walle said that in the affluent Manhattan Community of Tribeca, the average income of people who moved out this year was about $140000, compared with $82000 for those who moved into the community.

He said that as New York recovers from the economic crisis caused by the new outbreak, the double whammy on population and income could have a lasting impact on the region. “The biggest question is, how should real estate and retail adapt?”

In the long run, changing demographics could lead to more affordable brands replacing high-end stores, the researchers noted. At the same time, real estate developers may need to offer more affordable housing options.

Another report released by streeteasy earlier this year also found that vacancy rates in high-end communities (including urban financial areas) rose between February and July, and rents fell, but rents in ordinary communities continued to rise.

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