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REBNY Sees “Alarming” Decline in Transaction Tax Revenues

Tax revenue generated from investment and residential sales in New York City and New York State decreased by 48% from April 2019 to April 2020, and by 64% from March 2020 to April 2020, said the Real Estate Board of New York. These decreases represent a nearly $72-million loss in tax revenue for the city and state year-over-year, and a $139-million decrease from month to month.

“This dramatic loss in tax revenue is alarming,” said REBNY president James Whelan. “The real estate sector is the city’s economic engine. The pandemic has caused that engine to stall and we should expect such alarming trends to carry through May and June in the best-case scenario.”

REBNY created a new Monthly Investment and Residential Sales Report to track and quantify the impact of the Coronavirus (COVID-19) crisis on the city, and the state’s ability to generate taxes needed for essential government services.

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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

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