New York Lost $755 Million in Tax Revenue from Real Estate Deals
- Property sales tumbled 45% this year from 2019, REBNY says
- Lost revenue stems from transfer and mansion taxes on trades
Source: Getty Images
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Real estate sales in New York City are plummeting, and so is the tax revenue that’s generated with every transaction.
Sales of commercial and residential properties -- everything from office buildings to hotels and individual condos -- are down 45% this year through September, according to a report Thursday by the Real Estate Board of New York.