【World Property Journal】New York Continues to Lose Hundreds of Millions in Tax Revenue from Historic Decline in Real Estate Sales

The Real Estate Board of New York is reporting this week that property broker confidence hit a new record low for the third straight quarter in 2020, highlighting deep concerns about recovery efforts at a time when New York has already lost significant tax revenue due to massive declines in real estate market activity.

According to REBNY's Q3 2020 Quarterly Real Estate Broker Confidence Index, the current real estate broker confidence index is 3.08 out of 10, its lowest point on record and a 7% decline since its previous all-time low in the second quarter of 2020.

Additionally, the future broker confidence index is 3.51, an 10% decrease from the second quarter of 2020 - signaling that brokers feel the market will get even worse before the City begins a full recovery.

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