As many of our clients know, we have warned about the state of CRE (Commercial Real Estate) and the property sector in many large US and European cities for some time. We have tried to provide timely advice so you can protect your assets. The troubling trend in this sector continues. Today: NYC (New York City).
The non-payment of property taxes by New Yorkers has escalated significantly since the beginning of the pandemic, a concerning trend attributed by city officials to the cessation of a program that penalizes delinquency through tax-lien sales.
Projections indicate that overdue property taxes are set to reach an unprecedented high, surging by over 30% to surpass $880 million by the end of the fiscal year in June, compared to figures from three years prior. This trend raises alarms as property tax collections contribute substantially to the city's tax revenue, making up nearly half of it.
Preston Niblack, the city's Finance Commissioner, highlighted the b ...
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