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New York City, State Lose $1.6B in Tax Revenue as Investment Sales Drop
New York City’s year-to-date investment and residential sales totaled $40.3 billion, representing a 49% year-over-year decline and leading to a 41% YTD decrease in tax revenue, the Real Estate Board of New York reported. The city and state have collectively lost $1.6 billion in tax revenue so far in 2020 due to these declines in real estate market activity.
REBNY’s report does show continued upticks, as investment and residential sales volume increased for the third consecutive month, with sales totaling $6.2 billion in November, a 34% increase from October. Investment sales volume increased 5% Y-O-Y last month; however, it has declined 61% year-to-date.
“Despite the arrival of a vaccine and minor upticks in recent market activity, New York’s economic crisis grows,” said REBNY President James Whelan. “The $1.6 billion loss in tax revenue is depleting the fuel that helps government provide vital services to New Yorkers.”
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