Many people are reading this stat to say that NYC is dying because of post-covid crime or some other stat. I really think this is a misreading of the situation.
I think it is far likely composition effects from:
- High-income people who work remote or hybrid started demanding more space for work and living. Given NYC housing is basically fixed (there is almost no building), this trend has decreased the average number of people per housing unit.
- As the article notes, "the city’s populace is overall older and wealthier": wealthier people use more housing per person and tend to have fewer children.
I think it is far likely composition effects from: - High-income people who work remote or hybrid started demanding more space for work and living. Given NYC housing is basically fixed (there is almost no building), this trend has decreased the average number of people per housing unit. - As the article notes, "the city’s populace is overall older and wealthier": wealthier people use more housing per person and tend to have fewer children.