REBNY’s December 2020 Snapshot Reveals Nearly $1.6 billion Year-Over-Year Loss in City and State Transaction Tax Revenue

Upon Governor Cuomo announcing a state of emergency on March 7, 2020, the Real Estate Board of New York launched its Monthly Investment and Residential Sales Report which provides a snapshot of real estate sale transaction activity as well as tax revenue generated for New York City and New York State. The latest December 2020 report indicates that total city and state tax revenue fell 49 percent and 32 percent respectively based on a 2019 and 2020 year-to-date comparison of investment and residential sales volume.