According to a new report from the Real Estate Board of New York (REBNY) and completed by AKRF, Inc. New York City’s real estate industry generated $20.4 billion in taxes in 2016. The figure accounts for 43 percent of the City’s tax revenue. The figure inclues taxes from properties such as office and residential rental buildings, hotels, retail stores, and utility properties but do not include one-to-three family homes, cooperatives, and condominiums. The real estate industry employs 606,000 workers with an average salary of $75,700 and was responsible for $139.4 billion in total economic output in 2015, a 20.1 percent increase from 2013.
“The increasing tax revenue generated by income-producing properties means our industry is playing an even greater role in making New York a thriving place to live, work, and raise a family,” said John H. Banks, III, REBNY President. “Real Estate is an enormously powerful economic engine, fueling more good jobs, and funding more vital city services than ever before.”
