Following the release of the New York City preliminary budget for FY 2022, which included a projected $2.5 billion decline in property tax revenues, REBNY President James Whelan released the following statement:
“The City’s 2022 preliminary budget was a wake-up call as to how dire our economic situation is. Federal aid is critical and the real estate industry continues to push for it. However, it is a stopgap measure while the drop in property tax revenue will likely continue and possibly worsen.
“City and State elected officials must recognize this reality and begin to implement policies that will create good jobs and attract investment in our City, rather than make decisions that drive away jobs and investment. This crucial effort must start with immediate action to provide a better quality of life for City residents, address rising crime rates, advance land use actions that create jobs and strengthen our communities, and implement tax and spending policies that ensure New York remains a global leader and an attractive place to live and work.”