New York City is going to lose more than $9 billion in tax revenue because of its coronavirus shutdowns, according to former New York Lt. Gov. Dick Ravitch.
"Nobody can predict at this point what the shortfall will be," Ravitch told "The Cats Roundtable" on 970 AM-N.Y., adding Mayor Bill de Blasio's staff has estimated $9 billion in lost tax revenue.
"I personally think that it will be more," Ravitch added to host John Catsimatidis.
The shutdowns ultimately hit the city and state in all ways possible and will extend and deepen as long as the shutdowns continue.
"We are in deep, deep trouble," Ravitch said. "The revenue loss that New York City and New York State will suffer because of the virus and the unemployment claims, and the fact that the restaurants are closed and the stores are closed.
"It's affecting sales-tax returns. It's going to affect property-tax returns. People who own property that are dependent on rents from stores and restaurants are hiring certiorari lawyers to get a reduction in their property tax liabilities. If the city gets a reduction in property taxes — clearly a reduction in sales taxes — and with as many people unemployed as there are, millions in New York, there will be a substantial reduction in income tax as well."
Eric Mack ✉
Eric Mack has been a writer and editor at Newsmax since 2016. He is a 1998 Syracuse University journalism graduate and a New York Press Association award-winning writer.
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