City could lose out on $14B in tax revenue, 500K jobs: report

New York City could lose up to 475,000 jobs by next March and $14 billion in tax revenue over the next three years due to the economic effects of Covid-19, according to a new report. The Independent Budget Office estimates that tax revenue could respectively drop $2.9 billion, $6.7 billion and $4.4 billion below previous projections in fiscal years 2020, 2021 and 2022. The forecasts are based on the assumption that the city will lose

source https://therealdeal.com/2020/04/16/city-could-lose-out-on-14b-in-tax-revenue-report/