NYC projected to lose at least 475,000 jobs and $9.7B in tax revenue

NYC projected to lose at least 475,000 jobs and $9.7B in tax revenue

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NYC projected to lose at least 475,000 jobs and $9.7B in tax revenue

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

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