Yeah, it really went down hill when everyone started leaving for the West and that giant eye wouldn't stop staring at the place. It was pretty creepy to be honest.
It's that whole urban flight thing. The rich people look around and decide that Their Kind of People are becoming outnumbered by the other kind of people, and take off for greener pastures, property values fall, the economy tanks, and there ya go.
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Or at least, you know, do laundry and stuff.