That’s exactly what is happening according to the Santa Fe Reporter.
It only makes sense. Santa Fe has a beautiful climate and very unique culture, but it also has incredibly onerous government regulations (the toilet mandate being just one) that make it likely that most good jobs are in government, the high minimum wage is another. A relative lack of jobs for young people and entrepreneurs makes things even more difficult. Lastly, folks like Santa Fe Rep. Brian Egolf view activities like mining as below them.
Making a community expensive to live in and not producing large numbers of new jobs is a recipe for population decline, so it should be no surprise that Santa Fe is starting to look more like a retirement community.