NY real estate sales plummet nearly 50 percent relative last year; 61.6M in tax revenue lost: report
The Real Estate Board of New York on Thursday reported that in September 2020 relative to September 2019, total investment and residential sales volume in the state declined 47 percent and tax revenue generated declined 36 percent, resulting in a $61.6 million loss in tax revenue for the city and state year-over-year.
Investment and residential sales year-to-date totaled $21.5 billion, a 45 percent decline compared to the same time period in 2019, causing a 42 percent decrease in tax revenue.
This resulted in New York City and New York state combined experiencing a $755 million loss in tax revenue so far this year, from January to September 2020, compared to the same period last year.
Since the beginning of the public health crisis in March, total investment and residential sales volume declined 48 percent compared to the March-September 2019 time period, according to REBNY’s Monthly Investment and Residential Sales Reports.