Excessive groundwater extraction and urban development could be reasons for this. But these are common practice in almost all of the modern world, so why is this only showing up in Mexico City.
There must be other contributing factors too.
Mexico city was built on top a dried lake. It is really fascinating stuff, I would highly recommend to look it up. Ancient farming technology, floating islands, any nerd is gonna love it.
You can see evidence of subsidence in the rest of the developed world as well: SAR interferometry is sensitive enough to pick up the minimal amount of building movement from building Crossrail in London. It's just this article focuses on Mexico City, where it's dramatic
Mexico City (Tenochtitlan) used to be a city build on a lake, partly on an island, partly on some kind of static rafts / floatting gardens (chinampas).