NEW YORK CITY-The drop in commercial property sales that occurred when the economy took a turn for the worse in the latter part of the last decade had a hidden consequence: less money for New York City and Metropolitan Transportation Authority budgets.

That drop caused revenue from property transfer taxes to dip from a high of $3.3 billion in 2007 to just $982 million in 2010. This data comes from a January 2012 study from the New York City Independent Budget Office, which charts the precipitous drop in the revenue and the slow recovery that has taken place of late.

Alan Treffeisen, a senior Budget and Policy Analyst at the NYC IBO who worked on the study, tells GlobeSt.com that the drop of in revenue generated from taxes on the sale of commercial properties—which includes multifamily properties—coincided with the downturn.