The real estate and construction industries are juggernauts for New York City's economy. Together, those industries generate tax revenue that funds the city's public programs and creates middle-class jobs. In fact, the real estate industry alone accounts for more than half of the tax revenue needed to run New York City.
At the outset of COVID, the Real Estate Board of New York began tracking key economic indicators to monitor the health of the city's economy in the wake of the public health crisis. These analyses have been sobering. It found that New York City and state lost $1.4 billion in tax revenue due to significant declines in real estate market activity.
New Building Filings: Historical Snapshot
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Lisa Brown
Lisa Brown is an editor for the south and west regions of GlobeSt.com. She has 25-plus years of real estate experience, with a regional PR role at Grubb & Ellis and a national communications position at MMI. Brown also spent 10 years as executive director at NAIOP San Francisco Bay Area chapter, where she led the organization to achieving its first national award honors and recognition on Capitol Hill. She has written extensively on commercial real estate topics and edited numerous pieces on the subject.
