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.”
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 GlobeSt.com 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).