NYC, LA and Honolulu Hemorrhaging Residents
NYC and LA were joined by Honolulu on a list of popular American cities that have lost the most residents over the last few years. Bloomberg News used US Census data to identify the 20 most-populous cities that shed the most locals to other parts of the country between July 2013 and July 2014. New York lost 163,000 residents, placing it second on the list. Honolulu ranked fourth. And the City of Angels came in at 14th. And yet the population in these cities continues to grow because of the robust influx of people from other parts of the country. UCLA professor Michael Stoll believes the culprit is soaring home prices and rents. A lack of affordability is pushing longtime residents out, and new immigrants are entering the markets to fill low-skilled jobs and, particularly in the tech industry, fat-paycheck ones as well. Low-skilled immigrants often make do by cramming 6 to 8 people into one apartment or home, a cost-saving arrangement that most locals won't pursue. No. 1 on the list of cities that have lost the most locals? El Paso, TX. [Bloomberg]
