NYC projected to lose at least 475,000 jobs and $9.7B in tax revenueRead Full Article From POLITICO: NEW YORK — The coronavirus pandemic could plunge New York City into the worst economic crisis since the 1970s, costing the city 475,000 jobs and nearly $10 billion in revenue, a budget watchdog found. According to a new report from the Independent Budget Office, the local economy is expected to lose 475,000 jobs over the next 12 months. That would lead to a shortfall of $9.7 billion in tax revenue in 2020 and 2021, compared to previous projections.
New York will suffer $13.3 billion revenue shortfall from original forecast due to coronavirus, Cuomo saysRead Full Article From CNBC: Gov. Andrew Cuomo said Friday that New York will report a $13.3 billion shortfall in revenue compared with its original forecast — representing a 14% decline in the state’s projected receipts.
The Empire State, which has been hit harder by the coronavirus pandemic than anywhere else in the U.S., currently forecasts $61 billion in total lost revenue between fiscal years 2021 and 2024, Cuomo said.