New York City’s office buildings saw their first decline in property values in over two decades as the pandemic shuttered businesses and sent thousands of workers home, raising serious questions about the health of the city’s finances.
The pandemic “wiped out years of growth in New York City’s office sector,” the report says. It erased nearly $28.6 billion in market value from the city’s 463 million square feet of inventory, and cost more than $850 million in property taxes in the city’s fiscal 2022 budget. That’s city-wide, however. As the report points out, “some of the city’s most expensive office properties dropped significantly. For example, the market price of the World Trade Center complex dropped by 23.1%.”
The comptroller’s office estimates that in 2021 the city’s office sector will provide at least $6.9 billion in direct revenue in property taxes, real estate transaction taxes, mortgage taxes and commercial rent taxes – and that’s only direct costs, not including any multiplier effects. Property tax collections are expected to fall 5.4%, or $1.7 billion, in fiscal 2022, “more than half of which is due to drops in office billable values,” the report notes.
Get woke go broke
Have no fear, NYC is indestructible. Can’t we all agree on that at least. Top city on the planet, take an Ambien and chill.
Alors, imagine toi la dévalorisation de tous les pays dans le monde! Et comment tu va racheter tout ca si tu sais que ta monnaie est fake?
Something strange is going on with upside-down properties. Who will buy?
nice
Biden’s America.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
New York mother, son arrested in theft of laptop at CapitolA New York mother and son have been charged with theft in aiding the disappearance of a laptop belonging to the staff of House Speaker Nancy Pelosi during the Jan. 6 insurrection. Next time there will be nuclear war because if they can’t legally win they will burn it down. Lock them up
Source: ABC - 🏆 471. / 51 Read more »
Hell Is the New York Times Publishing Your Group ChatImagine — just imagine — the feeling of waking up one morning to see choice snippets from your bitchiest group chat, chopped up and sprinkled throughout a splashy story in a national paper of record
Source: TheCut - 🏆 720. / 51 Read more »
Most Storefront Rents in New York Are As High As EverDespite the closures and the changed nature of the city — despite everything — it costs about as much to rent a store in most neighborhoods as ever Greedy landlords. As the owner of a small retail business that opened last month—this is correct! Yeah, because land lords can keep a storefront empty and claim the losses of that empty space against their taxes on the profit of the rest of the building.
Source: NYMag - 🏆 111. / 63 Read more »
New York Went From Worst to Best At Handing Out Rent ReliefNew York’s once-floundering program is now ranked first in the U.S. for distributing rent relief. And a lot of the credit should go to Governor Hochul, who was pushing state officials to speed it up even before she took office
Source: NYMag - 🏆 111. / 63 Read more »
Michaela Onyenwere Has Earned 2021 WNBA Rookie of the Year, a First For New York LibertyNew York Liberty forward Michaela Onyenwere won 2021 WNBA Rookie of the Year for her stellar regular-season game play. It's a first for New York Liberty.
Source: POPSUGAR Fitness - 🏆 401. / 53 Read more »
Statue Of Liberty Corporation To Shut Down All But New York Flagship StatueNEW YORK—Following years of declining profits and lackluster attendance at its locations throughout the United States, the Statue of Liberty Corp. announced Thursday that the company will be shuttering all but its flagship statue in New York City. “While the Statue of Liberty chain of historic statues has for years… oh great now where are all the divorced tired, poor, and huddled masses gonna take their kids every other Wednesday? pbump Hey RepMMM : if this is true, it’s insane (but maybe you think it makes a “powerful point”). 😉 Oh man, now how will I spend my weekends!? I guess it's back to weekend visits to my local Virginia location Grand Canyon :C
Source: TheOnion - 🏆 724. / 51 Read more »