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In 2014, New York City’s future only became brighter.
January 6, 2015
In 2014, New York City’s future only became brighter. As a result, it was another good year for real estate.
Crime continued to drop and job growth continued upward, reaching historic lows and highs respectively. Manhattan, Brooklyn, The Bronx, Queens, and Staten Island continue to attract people from around the world. Whether its young people, seniors, empty nesters or immigrants, everyone wants to be in New York City. There is a great deal of interest in from investors both domestic and foreign. Major projects are moving forward in Hudson Yards and Lower Manhattan, along with significant growth in the boroughs whether it’s Long Island City, Downtown Brooklyn, the St. George section of Staten Island, the Bronx, you name it. It’s happening throughout all five boroughs.
REBNY forged strong working relationships with the newly elected leaders of local government. Mayor de Blasio unveiled an ambitious ten year plan to create and preserve 200,000 units of affordable housing. The City Council signed off on exciting new affordable housing developments at Domino in Brooklyn and TF Cornerstone’s project on the Upper West Side.
New Yorkers were able to explore the spectacular openings of various newly completed projects like, 1 World Trade Center, the fully restored High Line, and the Fulton Center Transit Hub to name just a few. Over the summer of 2014, for the first time ever, Governor’s Island remained open seven days per week, where visitors enjoyed a brand new 30-acre park on the island’s southern end.
Real Estate generates a great deal of new jobs and revenue for the city, and 2014 was an exciting year. In the spring of 2014, REBNY issued a report that revealed New York City’s real estate industry generates $15.4 billion in taxes annually, which represents 38 percent of the city’s tax revenue. Revenue-generating properties provided enough tax revenue to pay the City’s entire share of $13.1 billion in payroll expenses for teachers, police officers, fire fighters, sanitation workers and correction officers and still have $2.3 billion left to fund other vital city services like parks and libraries.
The real estate industry employs approximately 519,000 people who earn an average salary of more than $60,000 per year. These are good paying middle class jobs that come with health insurance, paid vacations and retirement savings plans. We want more jobs like these in our city.
New York has always been a city of change and renewal. We need to make sure New York City keeps growing, continues to rebuild itself, in some cases brand new like on the West Side, in other cases like Lower Manhattan where we’re putting back up what 9/11 destroyed. All of that generates the revenue for New York City to become a better place to live, to work, and to raise a family.