Price-out

<p>The real cost of using a third place rose faster than the resources of the people who used to fill it.</p><p>Cost includes cover, drink or food minimums, parking, and the implicit cost of being moved along. If a pint-and-an-hour used to be an ordinary after-work good and is now a discretionary night out, occasional users drop first and low-price sites close or upscale. The stock of qualifying sites can fall because the low-price tier disappears, even if luxury sites increase.</p><p>Fails if real engagement cost is flat or down while use still falls, or if use falls equally among people for whom price is not binding.</p>