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Real Estate Industry Says It's Responsible for Nearly 40 Percent of City's Tax Revenue

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TWC News: Real Estate Industry Says It's Responsible for Nearly 40 Percent of City's Tax Revenue
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The city's real estate industry is highlighting its importance to the city, saying it's responsible for nearly 40 percent of the city's total tax revenue.

In a report commissioned by the Real Estate Board of New York, industry leaders say they generate more than $15 billion in taxes each year.

That's 38 percent of the tax haul brought in by the city.

It includes levies from office buildings, hotels and stores.

Advocates say the industry supports more than 500,000 jobs, and they want to highlight how that revenue plays a big part in funding city services that all New Yorkers rely on.

"Let's continue to build, let's continue to maintain our properties, and let's continue to generate a larger piece of the pie for the city of New York and for the residents of the city of New York so they can have more services," said Steve Spinola, president of the Real Estate Board of New York.

Spinola said that the industry is looking forward to working with the de Blasio administration.

The mayor has already met twice with the Real Estate Board.

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