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REBNY: Real Estate Generates More Than 50% of NYC Tax Revenues
New York City’s real estate industry generated $31.9 billion in taxes over the last fiscal year, representing 53% of the city’s tax revenue, according to an analysis by the Real Estate Board of New York, which is holding its 124th Annual Banquet Thursday evening. The industry’s share of revenues is more than twice as large as the next closest contributor: personal income tax, with a 21% share.
The $31.9 billion comes from commercial and rental apartment buildings. It doesn’t include one-and-two family homes, cooperatives and condominiums or schools, hospitals and other publicly-funded structures.
“This report demonstrates the importance of real estate related tax revenue to our thriving city,” said REBNY president James Whelan. “If we want a progressive city, then we need a prosperous city. These findings underscore that policies that limit the amount of tax revenue generated by our industry are counterproductive to improving the lives of New Yorkers they aim to help.”
For comments, questions or concerns, please contact Paul Bubny
- ◦Economy
- ◦Sale/Acquisition
