The Invisible Engine: 2016 Economic Impact of New York City’s Real Estate Industry

$20.4 billion, which is 43% of total NYC taxes collected, is from the real estate industry, including taxes from revenue-generating properties (such as residential rental buildings, office buildings, hotels, retail stores, and utility property; it excludes property and transaction taxes from 1-3 family homes and coop and condo units) and real estate activity. The $20.4 billion in annual taxes from the real estate industry increased by 24.4% between FY 2013 and FY 2016; the 43% share of total New York City taxes is 2 percentage points higher than in FY 2013. These taxes could pay the City’s entire share of salaries for teachers, police officers, fire fighters, sanitation workers, and corrections officers, with $5.4B left to fully fund numerous City agencies.