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REBNY: City and State Have Lost $1.4B in RE Tax Revenues
Investment and residential sales volume declined 34% year-over-year in New York City, while tax revenue from those sales declined 57% from October 2019 to October 2020, the Real Estate Board of New York said Thursday. New York City and New York State have collectively lost $1.4 billion in tax revenue so far in 2020 due to these significant declines in market activity.
Year-to-date investment and residential sales totaled $34.5 billion, a 50% decline from the year-ago period in 2019 and leading to a 39% YTD decrease in tax revenue.
“This $1.4 billion in lost tax revenue represents another 1.4 billion reasons why the federal government must deliver a new stimulus package to help address New York’s economic crisis,” said REBNY President James Whelan.
However, REBNY also reported that sales have picked up more recently, with October volume up 33% from the previous month to $4.6 billion.
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- ◦Economy
- ◦Financing
- ◦Sale/Acquisition
