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NYC Comptroller Warns of “Prolonged Recession” from COVID-19
New York City Comptroller Scott M. Stringer said Monday that downturns in the entertainment, hotel, restaurant, travel and tourism sectors due to the coronavirus could conservatively cost the city $3.2 billion in lost tax revenues over the next six months.
Along with proposing savings in the municipal budget, Stringer also proposed additional city, state and federal measures to assist businesses most impacted by the loss of economic activity.
“We’re facing the possibility of a prolonged recession — we need to save now, before it’s too late, if we’re going to weather the downturn ahead,” said Stringer.
Stringer’s tax loss estimates are based in part on hotel occupancy dropping to 20% through June 30, with gradual recovery through the third quarter. Additionally, the analysis projects an 80% decline in restaurant sales, a 20% drop in real estate sales and a 20% downturn in retail sales.
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- ◦Economy
