(Bloomberg) -- Real estate deals plummeted across New York City last year, leading to a significant decline in tax revenues.
Sales of commercial and residential properties totaled $47.1 billion in 2020, down 46% from the year before, according to a report Friday by the Real Estate Board of New York.
The drop in investment led to a 36% decrease in tax revenue, resulting in a $1.6 billion loss for the city and state, the trade group said.
New York’s commercial-property market has been crushed by the pandemic, which has left most office buildings empty and kept shoppers home since March. On the residential side, apartment rents have tumbled especially in Manhattan as tenants gave up expensive leases in favor of cheaper cities. Condos are piling up, with sellers sticking to lofty price expectations.
The real estate industry is “critical to the health” of the city, REBNY said, adding that tax revenue contributes to essential services such as salaries for first responders, public-transit employees and maintenance of public parks.
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