Yes. People in the middle are always squeezed the hardest, and $125k is just the baseline and is below survival in NYC.

You have to cut on almost everything to keep most of that money every month. Might be fine for those without families, but for a typical family of 2 or 3 would need double that salary and employers will look at that cost and will scrutinize that and ask:

"How do we get that 'cost' (you) significantly reduced?"

That is even before talking about "AGI" which is actually an excuse for layoffs (and reposting old jobs at a lower salary and off shoring those jobs) in disguise.

So it is more like the middle-class and especially families are getting squeezed the most in NYC and have no choice but to leave the US.