NYC’s Surging Real Estate Market Boosts Coffers With Tax Revenue
(Bloomberg) -- Tax revenue from real estate deals has surpassed pre-pandemic levels as surging demand for residential properties bolsters New York City’s coffers, according to city comptroller Scott Stringer.
New York’s tax revenue from real estate transactions more than doubled in the first two months of the fiscal year to $468 million, coming in 18% higher than the same period in 2019, according to Stringer.
The city’s residential market took a hit from the pandemic, but is bouncing back as residents who fled during the initial lockdown return and companies call employees back to the office. Sales of condos, co-ops and houses exceeded $41 billion in the first eight months of 2021, 76% higher than the same period in 2020 and 18% more than 2019.
Sales of office buildings, hotels and apartment buildings remain depressed, however. Commercial sales totaled $12.5 billion in the first eight months of 2021, 6.8% below the same period a year ago and 50% lower than in 2019, the comptroller said.
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