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REBNY: Tax Revenues from RE Sales Drop for Second Month in a Row
Tax revenue generated from investment and residential sales in New York City and New York State decreased by 76% from May 2019 to May 2020, and by 40% from April 2020 to May 2020, the Real Estate Board of New York (REBNY) reported.
These decreases represent a $145-million loss in tax revenue for the city and state year over year, and a $31-million monthly decrease, following April’s drop-off. Since the COVID pandemic took hold in March, there has been a decline of more than $160 million in tax revenue. Sales transactions also declined 26% in May from the prior month.
“This data confirms the unprecedented economic crisis facing our city and state,” said REBNY president James Whelan. “Our local economy must reopen in a healthy way. We also need our public officials to put in place policies that will restart such economic activity rather than deepen the crisis.”
For comments, questions or concerns, please contact Paul Bubny
- ◦Economy
- ◦Sale/Acquisition
