Part 3/9:
This trend is not isolated to New York. California, specifically Los Angeles, is feeling the effects as well, with hotel bookings in certain neighborhoods plummeting by as much as 70%. As the city prepares to host major events like the Olympics, its struggle to attract tourists and business has become increasingly evident. The allure of low-tax states and better quality of life has created a concerning outflow of people from these once-thriving cities.