The Real Estate Board of New York (REBNY), the New York City’s leading real estate trade association, released two market reports illustrating the challenges the city faces as economic recovery begins.
REBNY’s Monthly Investment and Residential Sales Report released today showed tax revenue generated from investment and residential sales in New York City and New York State declined 62 percent from June 2019 to June 2020 but increased by 56 percent from May 2020 to June 2020. This represents a $120 million loss in tax revenue for the city and state year-over-year, but a $26 million increase from month-to-month. Last month, REBNY reported a 76 percent decrease in tax revenue year-over-year from May 2019 to May 2020, and 40 percent decrease month-to-month from April 2020 to May 2020.
At the same t
