NYC Hotel Tax Revenue Projected to Fall 80% Due to Shutdown

New York City’s hotel tax revenue is projected to fall to $37.6 million in the quarter ending June 30, a decline of almost 80% from the last three months of 2019, as a result of the coronavirus pandemic, according to City Comptroller Scott Stringer.

• Hotel tax expected to generate $470m in the fiscal year ending June 30, compared with $625m in the prior year: Stringer
• Hotel rooms are also subject to the sales tax, which is projected to decline by about $120m as a result of lost room-nights
• Employment in hospitality sector, including restaurants, bars and hotels, declined by ...