New York’s real estate sector is a critical component in funding the city’s budget, driving its transportation initiatives and providing employment opportunities,according to a new report from the Real Estate Board of New York (REBNY).
“Despite the economic trauma wrought by the pandemic, real estate is still the financial bedrock of the city's economy,” the report said.
The real estate sector generates $37 billion in tax revenue for the city at a time when its budget has nearly doubled from $59 billion in 2010 to $112.4 billion in 2025. Real estate-related taxes (RERT) provide more than one-third of New York City’s tax collection and about half of its locally gathered tax revenue. RERT includes property assessment levies, mortgage and recording taxes, and permitting and filing fines and fees.
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