October 16, 2020
Total investment and residential sales volume across New York City declined 47% and tax revenue generated declined 36% from September 2019 to September 2020, the Real Estate Board of New York reported. Year-to-date sales volume totaled $21.5 billion, a 45% decline compared to a year ago, causing a 42% decrease in tax revenue.
This resulted in New York City and New York State combined losing $755 million in tax revenue. Since the beginning of the public health crisis in March, total investment and residential sales volume declined 48% compared to the March-September 2019 time period, according to REBNY.
“This historic decline in market activity due to the COVID-19 pandemic isn’t just affecting the real estate industry – it’s hurting millions of New Yorkers who rely on the publicly funded government services that have been devastated by a loss of $755 million in tax revenue,” said REBNY president James Whelan.
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