New York Real Estate Board Reports $72 Million Loss in Tax Revenues
SUMMARY BY TAX ANALYSTS
The Real Estate Board of New York launched a new monthly report tracking through April 2020 the decrease in tax revenue from investment and residential real estate transactions in New York City and New York state during the COVID-19 pandemic; the group found that tax revenues generated from such sales decreased 48 percent from April 2019, representing a loss of close to $72 million in tax revenue for the city and state year over year.