June 10, 2020
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.”
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