Low rents in Manhattan and San Francisco spotlight urban exodus trend - Business Insider

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The one good thing in 2020 was suddenly cheap rent in Manhattan and San Francisco — but the bill could be up for cities soon

The same applies to San Francisco. Large tech companies that completely dominate the Bay Area have

utilizing United States Postal Service records found that 110,978 people moved away from Manhattan between February and July this year — a near 500% increase compared to the same time period in 2019. Almost 30,000 left San Francisco between February and July. "The stereotypical scenario is that a young professional couple starts having kids and then they move out to the suburbs," Miller separately told. "You took what would be a natural trend and compressed fived years into about three months of outbound migration."

A rider wearing a protective mask stops in front of several closed restaurants amid the coronavirus pandemic on April 21, 2020 in New York City.Frank Donnelly, a Geospatial Data Librarian at Baruch College, told MyMove that "migration from New York City has been a long-term trend." Plummeting rents just magnify the urban exodus that's been happening all along.

 

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