A net 70,000 New York City residents left the metropolitan region since COVID-19, resulting in roughly $34 billion in lost income, according to estimates released Tuesday from Unacast, a location analytics company.
Around 3.57 million people fled New York City between Jan. 1 and Dec. 7 this year – and they were replaced by some 3.5 million people earning lower average incomes, the findings from Unacast said.
To reach its findings Unacast looked at cell phone location data to examine the impact COVID has had on three neighborhoods: Williamsburg, Astoria and Tribeca.
Unacast found that those people took with them about $298 billion dollars of income, while the 3.5 million who immigrated to New York in that same time period brought about $264 billion to the city, leaving about $34 billion in lost income in the 8 months of the pandemic. Read more…