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REBNY: NYC Real Estate Sales Off 46% in 2020
New York City investment and residential sales totaled $47.1 billion in 2020, representing a 46% decline compared to 2019 and leading to a 36% decrease in tax revenue, the Real Estate Board of New York reported. The city and state collectively lost $1.6 billion in tax revenue last year due to the declines in real estate market activity.
Despite three consecutive months of increases, REBNY’s report shows investment and residential sales volume declined to $5 billion in December 2020, an 18% decrease from November. This was driven largely by a 38% decline in investment sales volume during this time.
“Our city and state are in dire need for the new federal administration to step in with a stimulus package – including state and local aid, rent relief and unemployment benefits – that addresses our economy and helps all New Yorkers out of this crisis,” said REBNY president James Whelan.
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- ◦Economy
- ◦Sale/Acquisition
