NYC likely to lose 475K jobs, $9.7B in tax revenues – IBO
New York City might lose at least 475,000 jobs as well as approximately $9.7 billion in tax revenue by the middle of 2021, amid the coronavirus crisis that shut down most activities in the biggest American city, according to the latest report from the Independent Budget Office (IBO) on Wednesday.
The budget watchdog forecast a 4.6% drop or $2.9 billion in revenue in the 2020 fiscal year and a 10.5% slump or $6.7 billion in the 2021 fiscal year that starts in July. In addition, the report’s estimation of 475,000 lost jobs would be the city’s worst labor crisis since the 1970s, the IBO suggested.
“Damage from the pandemic is particularly intense in New York City because the city’s economy relies heavily on industries that have been largely shut down in order to limit the spread of the coronavirus,” the IBO noted.
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