Landlords close gap in NYC tax revenues

Though New York City has lost tax revenue from the securities industry, property owners and hotels are picking up the slack when it comes to filling the city’s coffers, the Wall Street Journal reported, citing a study by Eastern Consolidated.

Between fiscal years 2009 and 2012, taxes collected from property owners shot from $14.3 billion to $17.9 billion. However, taxes collected from Wall Street went on a roller coaster during the same period, starting at $3.3 billion in 2009, climbing to $4 billion in 2011, then slipping to $3.4 billion in 2012. All told, they are down from pre-crash levels in 2007, when the industry contributed $5 billion in taxes.

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Additionally, as the city has added tens of thousands of hotel rooms in recent years, tax revenues from hotels increased 39 percent, and sales taxes increased 27 percent in the three-year period. Together, hotel and sales tax revenues generated $1.4 billion in total taxes in the three-year span. [WSJ, 2nd item]Zachary Kussin