New York City experienced a large net population loss last year, with more residents leaving than arriving, according to a study released this week by the Citizens’ Budget Commission.

The report found that the city’s total population declined in 2025.

The study attributed the decrease in part to a sharp shift in migration patterns, noting a 70% drop in people relocating into the city alongside changes in international migration.

According to the study, “Across all income levels, more people moved out of New York City than moved in last year.”

In total, the city lost 114,000 more residents to other parts of the United States than it gained over the course of the year.

While that figure marks an increase compared to 2024, it still falls short of the mass departures seen during the pandemic.

The analysis also showed that in 2024, losses were heavier among low- and middle-income residents than among higher earners.

More specifically, individuals in the bottom 40% income bracket made up a larger share of those leaving between 2023 and 2024.

New York City has long faced criticism over its high cost of living. Mayor Zohran Mamdani has vowed to address affordability, but angered New Yorkers with proposed property tax rate increases and increases in the cost of electricity.

The population decline follows concerns raised by New York Gov. Kathy Hochul about the departure of wealthy taxpayers to states like Florida and Texas, which offer lower tax rates.

San Francisco has seen a similar trend, with its population failing to rebound to pre-pandemic levels.

“San Francisco metro area’s population failed to grow again in 2025, despite a swelling boom in AI,” The San Francisco Chronicle reported in March.

“Unlike in almost every other major metro in the country, that’s left the region’s total population well below its 2020 level, according to newly released US census estimates.”

For several years, New York City has struggled with rising living costs, contributing to ongoing concerns about affordability.

In San Francisco, those concerns played a role in the 2024 election of Daniel Lurie, who defeated incumbent London Breed amid criticism of policies related to crime, drugs, and homelessness.