Most of the Mayor’s increase in projected tax revenues over the five-year April Financial Plan period comes from upward revisions to the City’s income taxes (business and personal) and real-estate transaction taxes.
New York City’s economy faces perhaps some more difficult challenges than the nation at large, as the city’s highest paying sectors have been undergoing some job-reducing restructuring over the past year
Challenges to a full economic recovery remain. New York City was hit earlier and harder by the pandemic and has experienced a disproportionate share of the impact.