NEW YORK (CBS 2) — Economic times are tough all over, and the Big Apple is no exception.

For the first time in 70 years, income is falling for New Yorkers.

According to a New York state comptroller’s report, salaries are shrinking at a rate nearly twice that of the rest of the country, falling 3.1 percent this year.

Much of the blame is placed on Wall Street’s sinking fortunes.