Ep 10. Real Estate Redo

New York Gritty

Real Estate is king in New York. The city has been growing non-stop ever since the Dutch arrived in 1609. In 2019, real estate generated $31.9 billion in tax revenue for the city. That’s 53% of New York’s total tax revenue. The stable source of revenue provided the foundation for a myriad of public services, making New York an attractive and desirable place to live. But when the Covid pandemic hit and office towers emptied out, it put the future of real estate in question. The issue was compounded when the residential vacancy rate hit a record high. The real estate sector is pivoting to meet the changing needs of the city's commercial and residential tenants, and an evolving landscape.