Mamdani is out of touch with impact of real estate taxes to city coffers, REBNY report shows
A recent report by the Real Estate Board of New York highlights the significant contribution of real estate taxes to the city's economy, which Mayor Zohran Mamdani seems to overlook. The report indicates that real estate-generated tax revenue reached a record $39.6 billion in fiscal 2025, accounting for nearly half of the city's locally generated tax revenue. This revenue is crucial for supporting the city's substantial budget and underscores the importance of real estate in New York City's financial landscape.
- ▪Real estate-generated tax revenue rose to a record $39.6 billion in fiscal 2025.
- ▪This amount accounted for nearly 50% of the city's locally generated tax revenue.
- ▪The revenue from real estate taxes is essential for supporting the city's 2027 budget of $127 billion.
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Steve Cuozzo Business realty check Mamdani is out of touch with impact of real estate taxes to city coffers, REBNY report shows By Steve Cuozzo Published May 17, 2026, 2:18 p.m. ET What the Real Estate Board of New York calls “The Invisible Engine” of the city’s economy — i.e., the contribution of real estate and real estate-related taxes to the municipal coffers — is invisible only to Mayor Zohran Mamdani. In a recent video the mayor might wish he could take back, he slammed billionaire Ken Griffin for owning a $238 million apartment — apparently unaware that Griffin’s planned new $6 billion Park Avenue headquarters for his Citadel companies would pump a fortune in property taxes into the city treasury.
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