Bloomberg Tax
Free Newsletter Sign Up
Login
BROWSE
Bloomberg Tax
Welcome
Login
Advanced Search Go
Free Newsletter Sign Up

NYC Tax Revenue to Exceed Estimate by $3 Billion, Lander Says

March 1, 2022, 10:20 PM

New York City may collect $3 billion more in tax revenue this fiscal year than it projected in November, or $1.4 billion more than Mayor Eric Adams projected last month, bolstered by a rebound in property values and strong residential real estate sales, City Comptroller Brad Lander said.

Lander, the city’s fiscal watchdog, urged the Adam’s administration to boost reserves given economic uncertainty spurred by Russia’s invasion of Ukraine and the likelihood that the Federal Reserve will start raising interest rates this month.

Brad Lander in 2021.
Photographer: Christopher Goodney/Bloomberg

“Ensuring our reserves are in good shape must be a high priority,” Lander said at the ...