The true property trade, and particularly the industrial sector, stays the primary driver of the New York Metropolis economic system, in accordance with knowledge to be launched on Monday by the Actual Property Board of New York.
The commerce group reported that actual estate-related tax income (RERT) elevated to a document excessive $37 billion in 2024 and is on monitor to prime $50 billion within the subsequent fiscal 12 months.
RERT income far outpaced some other supply, totaling almost 50% of all municipal tax income in 2024 — a share simply just below the earlier 12 months. In actual fact, actual estate-linked taxes have grown by greater than 100% since 2010, in contrast with an 89% improve within the metropolis finances over the identical interval.
The report’s creator, REBNY analysis head Keith De Coster, famous that the bonanza is pushed by industrial actual property, which accounts for 82% of property taxes.
Actual property income paid for the entire wages and salaries of 280,000 metropolis employees in such departments because the NYPD and Transportation division. Some $5 billion in actual property switch taxes have been earmarked for the MTA’s Capital Lockbox.
REBNY president James Whelan stated, “Through the pandemic, changing workplace trends and volatile macroeconomic pressures, the real estate sector continues to be the backbone of of New York City’s economy and revenue base.”
