Annual tax revenue generated by New York City’s real estate industry increased by 24.4 percent since 2013, according to a new analysis by the Real Estate Board of New York (REBNY) and completed by AKRF, Inc. New York City’s real estate industry generated $20.4 billion in taxes in 2016, which represents 43 percent of the City’s tax revenue. The real estate industry employs 606,000 workers with an average salary of $75,700 and was responsible for $139.4 billion in total economic output in 2015, a 20.1 percent increase from 2013.
