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More than $850 million in property taxes lost in fiscal year 2022.
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DiNapoli: NYC Office Market Will Take Years to Recover From Pandemic
The COVID-19 pandemic wiped out years of growth in New York City’s office sector, erasing nearly $28.6 billion in market value and more than $850 million in property taxes in City Fiscal Year (FY) 2022. Timing its recovery is an open question, however, as employers continue to offer work-from-home options, according to a report released today by State Comptroller Thomas P. DiNapoli.
The Office Sector in New York City
The COVID-19 pandemic wiped out years of growth in New York City’s office sector. Stay-at-home orders forced many office workers to shift to remote work, as businesses reliant on in-person interactions with customers were forced to reduce capacity or remain closed for extended periods. As a result, in City Fiscal Year 2022, the full market value of office buildings fell $28.6 billion, the first decline in more than 20 years, and property taxes declined more than $850 million.
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DiNapoli Releases Dashboard Tracking Federal Covid Funding and State Relief Programs
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New York State Comptroller Thomas P. DiNapoli announced today the launch of his new online tool to monitor spending of federal recovery aid and COVID-19 relief programs in the state, including funds for excluded workers, childcare providers, emergency rental and homeowner assistance, and small business recovery.
Hero Banner - Federal Tracker
Public can track spending of federal recovery aid and state relief programs, including funds for childcare providers and small business recovery.
2021 Financial Condition Report
State Fiscal Year (SFY) 2020-21 will long be remembered for the disruption caused by the COVID-19 pandemic and for the resilience demonstrated by New Yorkers in responding to the multitude of challenges.
2021 New York State Comprehensive Annual Financial Report
The Comprehensive Annual Financial Report for the State of New York for the fiscal year ended March 31, 2021.
COVID-19 Relief Program Tracker
A quote from State Comptroller Thomas P. DiNapoli: "My office is committed to full transparency in government spending. New York is seeing an historic level of federal funding right now and our job is to follow the money and ensure funds are used wisely and administrated efficiently." End of quote.
DiNapoli Releases Bond Calendar for Fourth Quarter
New York State Comptroller Thomas P. DiNapoli today announced a tentative schedule for the planned bond sales for New York State, New York City and their major public authorities during the fourth quarter of 2021.
The planned sales of $5.05 billion include $3.06 billion of new money and $1.99 billion of refundings and reofferings as follows: